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All new Malaysian ICOs and DAX considered unauthorized pending SC guidelines

Kuala Lumpur, Malaysia.PICRYL/PICRYL

Fri, 05 Jul 2019, 07:19 am UTC

Malaysia’s Securities Commission (SC) has issued an advisory warning to the public cautioning them against any new initial coin offering (ICO) or digital assets exchange (DAX). Pending the release of the new guidelines with regards to such offers, no new ones coming out have been given authorization. This makes them risky and puts the public at risk.

In a recent press release, the SC noted that it has been receiving complaints from the public with regards to ICOs and DAX. To clear misunderstandings with regards to the legitimacy of any such new offers, it stated that it has yet to finish the guidelines regarding the matter.

“The Securities Commission Malaysia (SC) has noted an increase in the number of queries and complaints from members of the public regarding initial coin offerings (ICOs) and digital asset exchanges (DAX),” the release reads. “The SC advises the public to be wary of any persons offering ICOs. The SC has not authorised any ICOs pending the finalisation of its guidelines.

“Any offering of digital assets as well as its associated activities such as marketing or inducing others to subscribe to an ICO will require authorisation from the SC. This follows the coming into force of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (Prescription Order) on 15 January 2019.”

The SC is basically warning the public against groups or individuals approaching people with regards to any new supposed offer in the vein of ICO or DAX, the NewStraitsTimes reports.

As of June 04, the regulator has registered three Recognized Market Operators (RMOs) – Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd, Tokenize Technology (M) Sdn Bhd – to establish and operate DAX in Malaysia. These three DAX operators have been given nine months to fully comply with all regulatory requirements.

“Apart from the three operators mentioned above, no other online platforms are permitted to establish and operate a DAX in Malaysia currently. As such, all other DAX operators are required to immediately cease all activities related to the trading of digital assets and return all monies and assets collected from investors,” the SC said.

The regulator concluded saying that operating a DAX or launching or marketing an ICO without its authorisation is an offense under securities laws, adding that persons in breach may be liable to a fine or imprisonment term not exceeding ten years or both.

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