Regulations for digital asset or cryptocurrency exchanges and initial coin offerings (ICOs) will come into force by first quarter of 2019, Malysia’s finance minister Lim Guan Eng has stated.

Sceptical

Delivering the keynote address at the FinTech Conference 2018, organised by Malaysia’s Securities Commission (SC), Mr Lim said the SC had updated him that the regulations would be part of their efforts to facilitate alternative fundraising avenues and new investment asset classes. He said, ‘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.’

Framework

Mr Lim reiterated a statement he made in Parliament that interested parties must work within the framework set up by Bank Negara Malaysia and the SC. Mr Lim explained, ‘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.’