Malaysia Plans to Enact Crypto Regulation in Q1 2019, Finance Minister Reports


0

Malaysia will enact regulations for cryptocurrency and Initial Coin Offerings (ICO) in Q1 2019, local English-language news media outlet The Star reported Nov. 28.

The publication quoted finance minister Lim Guan Eng, who said Wednesday said the country’s regulator, the Securities Commission (SC), had updated him with a timeframe for the new rules.

The move will form “part of the SC’s efforts to facilitate alternative fundraising avenues and new investment asset classes,” The Star added.

Malaysia has taken a piecemeal path to regulation of its domestic cryptocurrency industry, originally beginning the process in late 2017.

Authorities have sought to control the sector in the meantime, Lim telling parliament that entities wishing to issue cryptocurrencies must consult the country’s central bank, Bank Negara Malaysia.

“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,” Cointelegraph reported him as saying Monday.

This month, a Malaysian politician had also recommended putting on hold approval for a government-backed cryptocurrency issuance project until the regulations came into force.

Malaysia has sought to foster its relationship with blockchain this year, November also seeing the Education Ministry set up a university degree verification system using the technology.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
COINTELEGRAPH

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format