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Regulatory body of Malaysia announces cryptocurrency regulations “being put in place”

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The central bank of Malaysia and its financial regulators issued a joint press statement on December 6, which confirms the regulations over Initial Coin Offerings (ICO) and cryptocurrency assets.

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The statement cam,e from Malaysia’s Bank Negara Malaysia (BNM) and Securities Commission (SC), which is in the line of the comments from government officials that regulation of cryptocurrency sector could appear in Q1 2019, also repeats the need of laws on securities wherever necessary.

“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,” it asserts.

“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.”

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This year, Malaysia slowly educated itself on regulatory laws of cryptocurrencies. Additionally, last month Lim Guan Eng, finance minister of the country revealed the probable deadline also mentioned if anyone wishes to issue a new asset could only do that by the blessing of BNM.

He said, “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 were tracking these developments among them there is a local initiative dubbed “Hope Coin,” the creators of it were waiting for the process to complete before their launch.

This announcement follows that of Thailand’s, which itself is around half a year into its introductory period of regulations.

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