Eternity Law International News Regulation of cryptocurrencies in Malaysia

Regulation of cryptocurrencies in Malaysia

Published:
January 28, 2020

In Malaysia, on January 15, the norms of a bill describing digital assets – cryptocurrencies – began to operate. This became known thanks to The Star. The publication appeared on January 14th.

According to the text of the bill, citizens noticed in the unregistered distribution of cryptocurrencies through ICO, as well as in the creation of a platform for exchanging cryptocurrencies that does not require registration, face 10 years in prison and fines of $ 245,000.

According to Finance Minister Lim Guang Eng, the law will have to be implemented by all Malaysian citizens from the middle of the first winter month. Legal standards will be 100% formulated by the end of March this year.

The law also states that cryptocurrencies are the same securities. This means that their movement is under the control of the Commission (SC), which oversees the securities.

Lim drew the attention of journalists to the fact that the financial instruments set out in the bill and the operations for which the use of these instruments is required mandatory approval from the Commission.

The same standards are put forward for financial instruments that are in effect today for securities.

The minister argues that digital assets, together with the blockchain technology are able to transform and rehabilitate outdated industries that require renewal.

However, new areas are also subject to this procedure. Cryptocurrency is expected to be a viable alternative. And it will attract the cash needed by businesses and new ventures.

The category of assets for those who are engaged in investing will not remain aside.

Lim is confident that SC specialists will cope with the development of control rules applicable to organizers of trading floors and operators offering to use their services.

November 2018 in Malaysia was marked by an equally important event. Lim put forward a proposal to oblige issuers of digital currencies to consult with the country’s Central Bank. To get the consultation.

You could be interested

Regulation of asset management in Luxembourg

A standard-setter in the execution of Eurοpean fund regulation, Luxembourg plays a pivotal role in establishing platforms for internatiοnal fund allocation and granting EU retail and institutional clientele access to cross-border investing facilities. The 2nd-largest fund servicing jurisdiction in the world after the US, this is a preferable choice for fund managers and financiers alike,...

Swiss AG company with bank account for sale

AG company (public limited company), registered in Zurich, Switzerland; Year of company incorporation: 2018; Company has bank account in Switzerland in Credit Suisse Bank; Declared company activity: provision of services in the field of information technology, in particular the development and sale of software. Providing consulting services in the field of finance, management, blockchain and...

Company registration British Virgin Islands

Registration cost 1 370 Eur Company renewal cost 1 315 Eur Directors number 1 Corporate tax 00.00 % Registered share capital 0.00 Mandatory reporting requirements No Company documents for BVI are the following: Cost of services of a nominee director and shareholder is 550 EUR. Documents of the nominee service of the BVI company are...

Offshore saving campaign

Offshore saving campaign: re-domiciliation of companies to the Marshall Islands on special terms Offshore saving campaign – an actual momet. You should not close your offshore company if it does not bring you income any more, but, inversely, has become a source of additional problems. You will be able to use the enterprise for many...

Banking Regulations in Germany

When considering entry into the German market of finances, the first question that always arises for new companies is banking regulations in Germany: Is a BaFin license needed for the scope of services? In German jurisdiction, BaFin is the regulator of sector of finances that applies a range of EU directives and administrative provisions to...

Offshore gambling license in 2023

The boom of the gambling sector is likely to continue tremendously for the foreseeable future thanks to the use of cutting-edge and dynamic technology. iGaming is coming up with new ways to satisfy the requirements of clients from any country at a time when many market segments are having trouble. The number of individuals asking...
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7