New crypto regulations apply in Malaysia from today

New crypto regulations apply in Malaysia from today
From today, all crypto entities in Malaysia must comply with the new regulatory framework.
Kuala Lumpur Malaysia

The crypto guidelines issued by the Securities Commission Malaysia (SC) earlier this year come into force, informs Finance Magnates.

Most changes and new rules concern in particular the initial exchange offerings (IEOs) and digital asset custodians (DACs).

IEO platform operators will be required to assess and conduct the necessary due diligence on the issuer, review the issuer’s proposal and the disclosures in the whitepaper, and assess the issuer’s ability to comply with the requirements of the Guidelines and the SC’s Guidelines on Prevention of Money Laundering and Terrorism Financing,

The SC

The new regulations also did not forget the ICO, which was given a limit and a maximum ceiling of RM100 million (around $ 24.5 million). However, FM adds that Blockchain companies still have the techniques of raising funds from angel or institutional investors.

Any person found to be operating a digital exchange or offering or distributing any digital assets without the SC’s authorization commits an offense and may be liable, on conviction, to a fine not exceeding ten million ringgit or imprisonment for a term not exceeding ten years or both.

The SC

The Securities Commission Malaysia (SC) also emphasizes that it is not permitted to distribute any digital assets in Malaysia without permission and registration from the SC.

Read also: DBS Bank Ltd, a Singaporean multinational banking and financial services corporation, is launching its own crypto exchange

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