October 29, 2020

Malaysian authorities adopt ICO law in first quarter of 2019

Malaysian authorities adopt ICO law in first quarter of 2019

Malaysian Finance Minister Lim Guang Eng said that the bill regulating the circulation of cryptocurrencies and Initial Coin Offering (ICO) will be adopted in the first quarter of 2019.

Lim Guang Eng made some recommendations to membersMalaysian Securities Commission, which are developing the regulatory act. He suggested obliging blockchain startups that plan to issue cryptocurrencies to receive permission from the Central Bank for this. Lim also advised to suspend the project to create a national digital asset until the adoption of the law on virtual currencies and ICO.

Work on digital regulationThe economy in Malaysia began at the end of 2017. The country's authorities recognize the growing popularity of leading virtual currencies (Bitcoin, Ethereum and XRP) among Malaysians and believe that the industry needs to be controlled in order to counter money laundering and terrorist financing.