Malaysia has announced plans to enforce regulations governing cryptocurrency exchanges and initial coin offerings (ICOs) in the first quarter of 2019, according to a report by The Star newspaper on November 28.
The report quoted Finance Minister Lim Guan Eng as saying that the Securities Commission (SC) had given him an update that the regulations would be part of the SC’s efforts to facilitate alternative fundraising avenues and new investment asset classes.
“While some parties might still be sceptical of this space, there can be no doubt that we need appropriate regulations to be put in place and enforced to safeguard the interest of investors,” said Minister Lim Guan Eng in his keynote address at the FinTech Conference 2018 organised by the SC.
He also reiterated his parliamentary statement that interested parties must work within the framework set up by Bank Negara Malaysia and the SC.
“Both Bank Negara and the SC, in terms of formulating this framework will be under the auspices of the Finance Ministry. The Finance Ministry will lead the committee comprising of Bank Negara, the SC, and the MOF itself,” it states.
The Star reports that Lim also said that as part of the government’s commitment to support high potential and innovative MSMEs, “we are keen on the continued development of such alternative financing avenues for these businesses beyond the traditional channels of financing”.