• Sat, 16 Feb 2019, 07:02 AM
  • All times are UTC
  • Edition:
    International
Link copied

Malaysian central bank and securities regulator issue joint statement on crypto and ICO regulation

Thu, 06 Dec 2018, 11:51 am UTC

Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) today issued a joint statement on the regulation of digital assets in the country.

The statement follows recent comments from Finance Minister Lim Guan Eng who said that the regulations for cryptocurrency exchanges and initial coin offerings (ICOs) will go into effect in Malaysia by the first quarter of 2019.

The central bank and the SC said that the joint press release is aimed at providing clarity on the regulatory approach for the offering and trading of crypto assets in Malaysia. To implement the crypto regulatory framework, the BNM and the SC said that they will enter into coordination arrangements to ensure compliance with laws and regulations under the purview of both regulators.

They clarified:

“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.

“ICO issuers and digital asset exchanges which are involved in the issuance or dealing of digital assets with a payment function will need to comply with relevant BNM laws and regulations relating to payments and currency matters. In addition, ICO issuers and digital asset exchanges are subject to SC’s Guidelines on Prevention of Money Laundering and Terrorism Financing.”

BNM reiterated that digital assets are not legal tender in Malaysia and cautioned investors to carefully evaluate the risks associated with dealings in digital assets.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $3,632.70 (+0.10%)
  • Ethereum (ETH) $123.01 (-0.01%)
  • XRP (XRP) $0.302400 (-0.31%)
  • Litecoin (LTC) $43.62 (+1.98%)
  • EOS (EOS) $2.81 (+0.10%)
  • Bitcoin (BTC) $3,632.70 (+0.10%)
Feb 15, 2019 (Friday)
10:50
Dutch firm ElaadNL taps IOTA technology for autonomous smart grid PoC
09:39
Rabobank pumps ‎€80M into venture fund to drive fintech and agtech investments
09:06
Enterprise Ethereum Alliance to launch token task force in 2019
07:21
BitTorrent unveils new payment card for BTT tokens
06:09
Luxembourg lawmakers pass blockchain bill into law
05:11
Canadian crypto exchange Coinsquare acquires StellarX
04:12
JP Morgan reveals key details of Quorum Blockchain-based JPM Coin
03:41
Samsung SDS develops blockchain accelerator technology to enhance transaction processing speed
Feb 14, 2019 (Thursday)
12:11
JP Morgan to trial own cryptocurrency ‘JPM Coin’ for instant client payments: Report
11:04
Intel announces new product to accelerate blockchain deployment
09:47
Huobi Wallet adds support for Japanese and Korean languages
09:11
US CFTC includes cryptocurrencies in 2019 examination priorities
07:24
Nasdaq to launch Brave New Coin Bitcoin and Ethereum indices on February 25
06:07
Italian interbank blockchain project enters pre-production phase
05:14
Enterprise Ethereum Alliance opens regional office in China
04:16
UC Berkeley launches blockchain accelerator for early stage startups
03:39
Former JPMorgan Chase executive joins blockchain startup Vakt as CEO
Feb 13, 2019 (Wednesday)
11:46
New feature to enable Coinbase Wallet users to backup private keys on Google Drive and iCloud
10:52
Hyundai Commercial partners with IBM to create blockchain-based commercial financing platform
09:45
Gibraltar Blockchain Exchange lists ICNQ token on GBX-DAX
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft