In the previous years, the Malaysian Gov’t has been proving reluctant towards towards approving cryptocurrencies in the country, but today it’s a different story altogether. The year 2019 has finally helped Malaysia to cross one major milestone that has been hindering them from participating actively in crypto related matters.

The country’s minister of finance, Lim Guan Eng, took to Twitter in the early hours of today an announcement which confirms that crypto service providers and exchanges can now carry out regular activities of crypto related stuffs in the country but first of all, has to go through the normal processes of obtaining authorization from the country’s Securities Commission.

In that same announcement, he (the finance minister) clarified that digital currencies and tokens will be recognized as securities as from today onwards, under the regulatory body of securities commission, Malaysia.

In a recently conducted interview with the minister, he said that

The guidelines will among others, establish criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best 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.

To round it all up, the minister also stated that the countries central bank, Bank Negara will work hand-in-hand with the countries security commission so as to ensure that no party violates the rules and regulations that’s been implemented to guide crypto regulations within the country.

If I’m asked to air my view concerning this, I would gladly say that we are gradually getting to the promised land, which is mass adoption. Once the technology is being accepted in every hooks and corner of the world, then we are good to go. The step taken by the Malaysian Gov’t today is only making it a step closer. Thank you once again for reading.

Sourced out from: https://news.bitcoin.com/malaysia-regulating-cryptocurrencies/


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Responses

  1. James Diegel

    Hi Ijeh 😉 I actually read about this today and although a little confused at first, in the end I was pretty pleased. It may take a while as it seems like there will still be some regulatory hurdles left to jump, but at least there seems to be some sort of consensus that this is where the future is headed and in order to remain competitive in the way that Malaysia has shown itself to be recently, that this is the next thing that needs to be embraced and implemented. Job well done Malaysia 🙂

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  2. Adebola Ayan

    Wow! This is a great development in the crypto world. I hope it will add more to the development of cryptos and I just hope some other countries can adopt this type of policy.

    Thanks for sharing this great news

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