Regulations of cryptocurrencies continually develop in Malaysia
According to the Bank of Negara in Malaysia the Securities Commission in Malaysia have issued a joint statement regarding the elaboration of its policies, for the applicable regulations regarding Cryptocurrencies and ICOs.
The Malaysian regulatory institutional bodies have provided details regarding its intentions to regulate digital trading of assets. This is in order to protect the interest of investors and to promote fair orderly trading business platforms.
In a statement that was issued by the Securities Commission in Malaysia (SC) and the Bank of Negara Malaysia (BNM), it has defined digital assets as digital currencies and digital tokens.
They also made the following statements about the regulations to govern the markets:
“SC will regulate issuance of digital assets via initial coin offering (ICO) and the trading of digital assets at digital asset exchanges in Malaysia. Regulations are currently being put in place to bring digital assets within the remit of securities laws to promote fair and orderly trading and ensure investor protection.”
Under these new rules regarding the cryptocurrency market, Exchanges and ICO projects will be obliged to follow the “Guidelines of preventing money laundering and
These guidelines will be set by the SEC, which means that all digital currency traders and ICO issuers should apply for a BNM license which will be in particular for products and services that are related to currency and payment situations.
According to recent reports, the Central Bank has used
The world of crypto assets is looking good for Malaysian users
The institution gave a statement saying that:
“In order to implement the regulatory framework on digital assets, the SC and BNM will enter into coordination arrangement to ensure compliance with laws and regulations under the purview of both regulators.”
According to a report released back in July regarding the move by the BNM and SC after a meeting at the University of Malaya’s Faculty of Law, they urged the lawmakers to bring priority in the establishment of an effective environment for the Blockchain industry.
According to a statement given by Authors:
“The report is prepared with the objective of encouraging economic development in Malaysia without stifling innovation or compromising consumer protection by providing support to startups, small-medium enterprises and large corporations in their endeavors to adopt Blockchain Technology.”
The Malaysian authorities launched an extensive investigation earlier this year surrounding any criminal activities involving the use of cryptocurrencies.
As the industry grows and moves towards exponential growth, the policy, officers need to attend educational courses about this new and life-changing technology as it is set to change the financial world in ways that we never once thought was possible, especially not in the fiat currency system.
What is your opinion of this upcoming regulations on the crypto market? Please feel free to leave your comments down below.
