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+1 (888) 647 05 40Malaysia is one of the first countries to introduce cryptographic regulation policies. Under such policy, crypto-currencies are classified as securities, and according to Minister of Finance, the Malaysian governmental authorities believe that crypto-currencies and blockchain-technologies have tremendous potential to stimulate economic progress. It is believed that digital assets and their underlying blockchain technology can help drive innovation in new and established industries within the local market space. In particular, digital assets can serve as an alternative way to raise funds to provide related financial support for entrepreneurs and startups, as well as an alternative asset class for investors. Below we will look at the main nuances that are connected with getting a license to officially work with crypto-assets locally, and the advantages of having such a permit.
Our team is experienced specialists in the field of establishing and licensing commercial structures. We work all over the world, helping our clients obtain any kind of permits. We also have extensively-provided spectrum of ready-made solutions for sale, particularly, EMI-licences in Australia, USA, Japan, China and European countries.
Bank of Malaysia Negara has published a draft containing regulative proposals for the use, trading and exchange of crypto-assets to prevent illicit cash flows and investment in terrorist operations. An important innovation is the obligations that exchange platforms or institutions associated with crypto-currencies will have to comply with under the AMLA.
The legal obligations, normative points and proposed standards emphasize the transparency of such activities. Exchange platforms and similar companies should widely disseminate and provide only adequate and relevant information so that users or the general public understand and better assess the risks associated with the use of crypto-currencies. Thus, if platforms and companies do not provide detailed information or comply with reporting obligations, they may be subject to fines, as well as possible termination of their activities and revocation of their license.
Such an initiative, which aims to make the use and trading of crypto-currencies locally more transparent, has arisen due to the rapid growth in functionality and use of these financial instruments, as well as their growing and increasingly widespread adoption. The purpose of the bill is to ensure the implementation of effective measures against the illicit circulation of funds, which are often associated with the use of crypto-currencies. Thus, crypto-currency activities will not be the responsibility of the central bank and will not be subject to prudential and market conduct rules or agreements applicable to financial institutions.
To establish and run a business-project related to VFA, you must get a permit to work with crypto-assets. This type of official documented confirmation represents the official approval of local regulators, allowing you to transact with crypto-assets in a certain volume. Our specialists will provide you with fully-covering advisory and practical support in obtaining this type of permit, as well as in obtaining an EMI-license in New Zealand, Australia, the UK and other countries. We provide extensive support for business-registrations around the world, as well as financial, corporate and post-licensing service range.
Our lawyers have extensive experience in getting licenses for crypto-exchanges. We will help you understand the most complex regulatory aspects and parameters, taking on all the most complex nuances. Our specialists will help you successfully cope with time-consuming licensing procedures.
Speaking about the Malaysian crypto-currency space, the following advantages and privileges that come with having a crypto-permit in this jurisdiction should be noted. We present them below.
Of course, there are certain risks, however, they are insignificant and can be minimized with a skillful organizational approach.
In relation to crypto-firms, as part of obtaining permission to function, next-mentioned requirement lists are put forward.
So, according to local law, next-mentioned phases are needed from applicants to get a permit to exchange cryptographic assets in Malaysia.
Our team is ready to offer you fully-covering support in obtaining this type of permit, accompanying you at every stage. We’ll help you to register your business-project. We also have ready-made payment licenses in Luxembourg, Estonia, Germany, France and other countries.
Price of a crypto-license in Malaysia depends on many third-party factors and is therefore calculated on an individual basis. Our specialists will offer you an approximate cost estimate before cooperation begins. We will take into account all the nuances and do everything possible to optimize your budget as much as possible.Our firm are subject matter specialists with many years of experience in getting crypto license in Asia. We have enormous professional knowledge and always monitor updates in the regulatory frameworks of jurisdictions around the world. Contact us now and secure a promising commercial future.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.