Malaysia Prepares Crypto Regulations

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A joint statement by Malaysian finance regulator and central bank confirmed that they are “putting in place” cryptocurrency and ICO (Initial Coin Offering) regulations.

Malaysia’s Securities Commission (SC) and Bank Negara Malaysia (BNM) stated:

“The SC will regulate issuances of digital assets via initial coin offerings (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.”

Malaysia has been working on regulations all throughout this year. Last month Lim Guan Eng, Malaysian finance minister stated that anyone interested in introducing their own digital asset could only do it with BNM’s permission: “I advise all parties wishing to introduce Bitcoin (style) cryptocurrency to refer first to Bank Negara Malaysia as it is the authority that will issue the decision on financial mechanism,”

Many other countries in the region are either working on or already introduced their crypto-regulations recently.

The latest among them was the Philippines, which announced their draft cryptocurrency regulation in September. The Philippino Securities and Exchange Commission (SEC) announced that cryptocurrency exchanges may be allowed to operate as trading platforms.

Images by Shutterstock.com

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