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Malaysia wants to pass strict new ICO and cryptocurrency laws




The Malaysian government regulates the introduction of coin deals (ICOs) and the trading of cryptocurrencies.

According to a statement issued by Lim Guan Eng, the country's finance minister, he initiated unauthorized ICOs or participated in the exchange of digital devices. Goods could face a 1

0-year prison sentence and a fine of 2.4 Million US dollars (RM 10 million RM) lead.

The order, which will recognize digital currencies and tokens as securities, is enforced on January 15 by the Securities Commission Malaysia

In his statement, the Minister of Finance said: "The Ministry of Finance (MOF) considers digital assets as well as their underlying lying blockchain technologies as the potential to bring about innovation in old and new industries. " [19659003] "In particular, we believe that digital assets play a role as an alternative fundraising path for entrepreneurs and new businesses and as an alternative asset class for investors," he added.

The Commission i By the end of the first quarter of this year, a framework is to be established which "sets out the relevant regulatory requirements for the issuance of ICOs and the trading of digital assets on digital exchanges in Malaysia".

Today's news comes in The country's central bank and its financial regulator issued a joint statement in December last year stating that they are enacting legislation on digital assets.

Published January 14, 2019 – 11:10 UTC


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