Malaysian Finance Minister Lim Guan Eng has revealed that a new set of comprehensive regulations guiding the activities of crypto exchanges and ICOs will come into effect in Q1 2019.
Speaking in Kuala Lumpur on Wednesday at the FinTech Conference 2018 organized by Malaysia’s Securities Commission, he revealed that the new regulations are part of efforts by the Malaysian Securities Commission (SC) to catalyze the growth of alternative fundraising and investment in new asset classes.
Comprehensive Regulatory Framework At Last?
Making the announcement while delivering the keynote address at the event, he stated that the system jointly developed by Bank Negara Malaysia (the country’s central bank) and the SC would serve as a comprehensive regulatory framework for all participants in the crypto industry. Lim also remarked that amidst an atmosphere of suspicion, consumer protection took priority as the overriding factor in making the decision.