Regulating as Securities OneHash bonus

Regulating as Securities

Malaysian Finance Minister Lim Guan Eng said on Monday that his country”will regulate initial coin offerings (ICOs) and the trade of cryptocurrencies,” Reuters reported, including:

An order to recognize digital currencies and digital tokens as securities will come into force on Jan. 15, under the regulation of the Securities Commission Malaysia [SC].

The order is known as”the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019.” ICOs cryptocurrencies and their associated activities must comply with relevant securities laws and also be approved by the commission, the minister explained.

After Lim’s statement, the Securities Commission Malaysia confirmed that it”will put in place guidelines to regulate offering and trading of digital assets.” The regulator noted that”the offering of electronic assets, as well as its related activities, will require authorisation from the SC and compliance with relevant securities laws and regulations,” elaborating:

The guidelines will among others, establish criteria for determining properness and fit of exchange operators and issuers, disclosure standards and practices in price discovery, trading rules and client asset protection. Those dealing in digital assets will be required to put in place anti-money laundering and counter-terrorism financing (AML / CFT) rules, cyber security and business continuity measures and bitcoin casino best slots.

Furthermore, the commission stated that it”will enter into coordination arrangements” with the Bank Negara Malaysia, the country’s central bank, in order”to ensure compliance with laws and regulations under the purview of both regulators.” Additionally, the regulator revealed that”The relevant regulatory framework is expected to be launched by end-Q1 2019.”

Lim was quoted by The Star as saying,”Any individual offering an ICO or running a digital asset exchange without SC’s approval may be penalized, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil [~$2.44 million].”

Malaysian Finance Minister Lim Guan Eng

Ministry of Finance Sees Potential

The finance ministry”viewpoints digital assets, as well as… underlying blockchain technology, as having the potential to bring about innovation in both old and new industries,” Lim further described, elaborating:

In particular, we believe digital assets have a role to play as an asset class for investors, and an alternate fundraising avenue for new businesses and entrepreneurs.

Bank Negara Malaysia has stated that cryptocurrencies are not legal tender in its countryHow does Betcoin bonus The central bank has advised the public to carefully assess the risks associated in dealing with them.

Bank Negara Malaysia has released a list of companies that have announced themselves as service providers or cryptocurrency exchanges, but emphasized that it has neither certified nor authorized these companies. Among companies on the list are Belfrics Malaysia, Bitpoint Malaysia Bit Malay, Bit Trade Enterprise, Bong Technology, Bxm, Luno Malaysia, Openbit, Udax International, Upbit Malaysia, and Xbit Asia.

What do you think of Malaysia beginning to govern cryptocurrencies and ICOs? Let us know in the comments section below.

Pictures courtesy of Shutterstock, the Malaysian government, and Reuters.

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