Malaysia's Central Bank is looking to implement regulation for crypto

07 Dec, 2018
by Manon Bridou-Koenig
Malaysia's Central Bank is looking to implement regulation for crypto

joint press statement issued by the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) yesterday is indicating that they are collaborating in implementing a regulatory framework for ICO tokens and cryptocurrencies.

A week ago, Lim Guan Eng, Malaysia’s finance minister, stated that cryptocurrency regulations, aimed at safeguarding investor interests, will be enforced in the first quarter of next year.

Read more: Regulations for crypto and ICOs in Malaysia will be enforced by Q1 2019

Yesterday, the Central Bank made clear that ‘digital assets are not legal tender in Malaysia’.

"In order to implement the regulatory framework on digital assets, the SC and BNM will enter into coordination arrangements to ensure compliance with laws and regulations under the purview of both regulators."

Regulation coming by the start of 2019
"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 the SC’s Guidelines on Prevention of Money Laundering and Terrorism Financing."

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