Business 8 March 2019

Neil Mathew

Malaysia wants feedback on proposed ICO regulatory framework

There is a constant debate going on globally about how exactly cryptocurrency should be regulated, and Malaysia is no exception. The Asian country might not have the economic status of neighbors such as India or China, both of which seem to be cracking down on cryptocurrency rather than embracing it, but that doesn’t necessarily mean that Malaysia will follow suit. In fact, Malaysia is seeking public feedback with regards to regulating initial coin offerings (ICOs) and property crowdfunding.

Just because Malaysia is interested in public feedback, that doesn’t mean that it the country will be a destination for those looking to trick investors for a cryptocurrency get-rich-quick scheme. The country’s top financial watchdog, Securities Commission Malaysia (SC), previously announced that those who attempt to run an unregistered ICO or cryptocurrency exchange could be jailed for up to 10 years. They also could potentially be fined up to RM10 million, which translates to over $2.4 million in U.S. dollars.

While the Malaysian economy might not compare to that of India or China, it still is a substantial market, and is the 38th largest economy in the world. It certainly is a major player within the continent, as it is the third largest economy in Southeast Asia. The country made headlines last year within the cryptocurrency community by pushing for a political fundraising platform that utilized blockchain technology. The Harapan Coin caused a lot of controversy amongst Malaysian politicians in late 2018, and many are waiting for clear regulatory framework before considering the coin to be a legitimate project.

The consultation paper produced by the SC were clear about the fact that the Malaysia crypto market was not an advanced one, stating that it is “much smaller than the overall Malaysia capital market.” The papers also suggested that those interested in going the ICO route should meet certain capital requirements and also shouldn’t be a public company. Those interested in providing feedback are asked to do so over the next several weeks, before March 29, 2019.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

Crypto coming? Facebook pulls payment option from Messenger

Business 21 minutes ago

Crypto coming? Facebook pulls payment option from Messenger

Customers in UK and France are no longer able to conduct mobile payments via Messenger, a possible precursor to the launch of the Facebook Coin.

Read More
Lack of standard terms hindering crypto adoption, study finds

Business 28 minutes ago

Lack of standard terms hindering crypto adoption, study finds

Clear definition of different terms is one factor that will enable regulators to create policies in crypto space, according to Cambridge Centre for Alternative Finance.

Read More
Anonymity is not a Bitcoin-related term

Business 1 hour ago

Anonymity is not a Bitcoin-related term

When Bitcoin was first conceptualized, it had a very clear and transparent framework but that clarity was clouded by people who thought they knew better.

Read More