Plans for a Future Cryptocurrency Regulatory Framework in Malaysia
Updated on Friday 10th November 2017
In a recent speech at a local digital finance conference in Kuala Lumpur, the chairman of the Securities Commission said that the regulating agency plans to introduce a regulatory framework for cryptocurrencies. These rules and regulations will provide a guideline for using and working with digital assets, most importantly with cryptocurrencies like Bitcoin and others.
According to other reports, the Securities Commission is working with Bank Negara Malaysia to draw up the cryptocurrency framework and prepare it in as little as a few months. In another statement, the chairman of the Securities Commission said that the two regulators will pay great attention to the manner in which these regulations are crafted so that the trading value will maintain optimal conditions and the market will maintain its integrity.
On a different note, the chairman of the Securities Commission also said that the country will continue to encourage digital innovation. For this purpose, the Commission will work on developing a secondary market, which will become part of the capital market, and will be specialized in the trading of cryptocurrencies and digital assets. This initiative will begin with a pilot project that will include introducing distributed ledger technology (a form of media ledger with dynamic properties) on unlisted markets and over-the-counter markets.
Investors who want to know more about the current laws and regulations for cryptocurrency companies in Kuala Lumpur and other cities can contact our law firm in Malaysia.
Malaysia’s Securities Commission will work on developing and implementing a set of guidelines for a regulatory framework meant to be used for cryptocurrencies and digital assets. The Chairman of the Securities Commission stated these plans in a recent intervention at a local digital finance conference. Our lawyers in Malaysia can help investors who deal in digital currencies understand these regulations as they will enter into force.
Framework regulations for cryptocurrencies in Malaysia
In a recent speech at a local digital finance conference in Kuala Lumpur, the chairman of the Securities Commission said that the regulating agency plans to introduce a regulatory framework for cryptocurrencies. These rules and regulations will provide a guideline for using and working with digital assets, most importantly with cryptocurrencies like Bitcoin and others.
According to other reports, the Securities Commission is working with Bank Negara Malaysia to draw up the cryptocurrency framework and prepare it in as little as a few months. In another statement, the chairman of the Securities Commission said that the two regulators will pay great attention to the manner in which these regulations are crafted so that the trading value will maintain optimal conditions and the market will maintain its integrity.
Boosting digital innovation in Malaysia
On a different note, the chairman of the Securities Commission also said that the country will continue to encourage digital innovation. For this purpose, the Commission will work on developing a secondary market, which will become part of the capital market, and will be specialized in the trading of cryptocurrencies and digital assets. This initiative will begin with a pilot project that will include introducing distributed ledger technology (a form of media ledger with dynamic properties) on unlisted markets and over-the-counter markets.
Investors who want to know more about the current laws and regulations for cryptocurrency companies in Kuala Lumpur and other cities can contact our law firm in Malaysia.