The Securities Commission of Malaysia said the move is designed to support “responsible innovation in the crypto space, while at the same time managing … The Securities Commission is the regulatory authority that oversees the implementation of Islamic laws in the operations of Islamic financial institutions. Rashdan Ramlee is the Senior Consultant for Blockchain and Fintech at Masyref Management House and also the Co-Founder of … Malaysian blockchain startup Neuroware collaborated with the SC for the project. Subscribe now and get exclusive news, interviews and stories. Datuk Syed Zaid, the Chairman of the Securities Commission, said that the regulator has resolved key issues facing regulations of digital currencies in a principled manner. We use cookies to improve your user experience and our services. ICO issuers and digital asset exchanges which are involved in the issuance or dealing of digital assets with a payment function will need to comply with relevant BNM laws and regulations relating to payments and currency matters. This was an important factor to consider when developing the system, for it meant that it needed to be designed in such a way that was modular enough to be applied to different financial products and services.”. View our privacy policy here. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Malaysia’s finance minister, Lim Guna, said that new regulations guiding cryptocurrency trading would assist in serving as criteria for exchange operators and coin issuers. After Malaysia finalized its regulatory crypto exchanges framework recently, the Securities Commission Malaysia (SCM) made a major announcement on June 4, 2019, that it has successfully completed the registration of three well-known cryptocurrency market operators for the purpose of establishing and operating the country’s digital asset exchanges (aka crypto exchanges). Now in its fifth year, SCxSC is the SC’s annual fintech conference for entrepreneurs, technology and digital innovators, industry and government representatives to discuss and explore fintech ideas in the capital market. The SC and BNM will enter into coordination agreements to ensure compliance with laws and regulations. Since its inception, more than 200 engagements sessions have been conducted, including one-on-one meetings, focus group discussions and speaking engagements. This entry was posted in Asia, Blockchain & Digital Assets, Politics, Legal & Regulation and tagged digital assets, digital wallets, malaysia, securities commission malaysia. This will bring about true "monetary and financial freedom." On 4th June 2019 the Securities Commission Malaysia ("SC") had registered three (3) Recognized Market Operators (" ... Ian: To what extent do you think that Blockchain will disrupt the legal industry as legal documents can be changed, but smart contracts are immutable. That would also assist in ensuring standard practice in terms of trading, pricing, and asset protection. 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It also used smart contracts to codify the rules of offerings and distribute the appropriate tokens and assets once offerings were closed, as well as for KYC/AML requirements. Malaysia is one such country as the Securities Commission [SC] of the region categorized Malta-based Binance as an unauthorized company. The statement says that the SC will be responsible for regulating the issuances of digital assets via initial coin offerings (ICOs) and the trading of digital assets at exchanges in Malaysia. The two-day event wrapped up just a week before the SC and Bank Negara Malaysia (BNM), the country’s central bank, issued a joint statement on the regulation of digital assets. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. It was at this time in 2019 that Malaysian Finance Minister Lim Guan Eng communicated the potential that he saw in this revolutionary technology. The financial watchdog has, therefore, put the crypto exchange on the list of unlicensed companies. Malaysia’s Securities Commission (Shariah Advisory Council) has announced that the trading of digital assets is now legal in the country. … All Rights Reserved. Chuah said that currently, all regulated trading activities of digital assets are allowed, but many non-compliant activities are not permitted. Project Castor simulated an equity crowdfunding environment and utilized Ethereum-based tokens to represent equity and monies. Trading cryptocurrencies is not supervised by any EU regulatory framework. In February 2019, Securities Commission Malaysia (SC) announced that the nation would be implementing new regulations on the trading of digital assets and ICOs (initial coin offerings). As the market became more complex and sophisticated, it needed supportive infrastructure so that the system could operate and function more efficiently and effectively. We will never sell or distribute your data to any third parties. With blockchain, we will put an end to the monopoly of government-issued currencies, as suggested in the title of Hayek’s work – “Denationalization of Money.” Blockchain will simplify the set of concepts revolving around financial services and the complexity of the IT systems. SINEGY is the first crypto exchange approved by Malaysia’s securities regulator. It is also to manage risks and safeguard players and investors in the… You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. We use cookies to personalise content & ads, provide social media features and offer you a better experience. Past performance does not guarantee future results. Titled Capital Market Architecture Blueprint in a Decentralized World, the document outlines Project Castor and the regulator’s vision for “a future multi-tiered market environment” which contains both centralized and decentralized markets, with the latter underpinned by distributed ledger technology (DLT). contracts for difference (“CFDs”) is speculative and carries a high level of risk. Diana joined CoinJournal in June 2015. Any trader identified trying to bypass the law would be subjected to a fine up to US$2.4 million (RM10 million) or a prison sentence of up to 10 years. After signing up, you may also receive occasional special offers from us via email. The new regulations require any digital asset offering to get approval from the Securities Commission. Regulations are currently being put in place to bring digital assets within the remit of securities laws. Securities Commission Malaysia Embarks on Blockchain Pilot Project by Vincent Fong November 6, 2017 Tan Sri Ranjit Singh, Chairman of Securities Commission of Malaysia announced today at the SCxSC Digital Finance Conference 2017 today that the regulator has embarked on a pilot project for distributed ledgers in the unlisted and OTC Market space. In a recent move to do so, BNM or Bank Negara Malaysia and the SC or Securities Commission Malaysia had in January 2018 issued a joint statement on the issue of ICOs or Initial Coin Offering in Malaysia. He said: “This is a really ground-breaking resolution by SAC (Shariah Advisory Council) that could spur greater development and investment in digital assets.”. All these have led to the need to reposition the existing financial regulatory framework to incorporate the supervision of the crypto market in the country. “It is our belief that, if deployed within a framework of robust safeguards, technology and innovation could be harnessed to transform markets for the benefit of investors, intermediaries and the economy at large.”. The country’s central bank and the Securities Commission said that new rules aim to help protect investors’ assets and create fair trading. Project Castor a project led by Securities Commission Malaysia in conjunction with a home-grown blockchain company as their technology partner. (Read More). The Shariah Advisory Council (SAC) of the Securities Commission Malaysia (SC) has approved an updated list of securities which have been classified as Shariah-compliant securities. IEO platforms will be required to carry out the necessary assessment and due diligence on the issuers as well as the features of the digital tokens. The State of Blockchain & Crypto-Assets in Indonesia, Malaysia, and Singapore 07.09.2020 Blockchain technology and its utilities are rapidly drawing more interest from both the public and private sectors all around the world with its constant ongoing development. The statement claimed that such schemes would be under their juris… With blockchain, we will have a cryptocurrency that is more stable and safer than any currency that has ever existed before it. The SC joins the growing list of regulators in Asia looking to leverage blockchain technology to create greater efficiencies across a multitude of areas. Keep updated with our round the clock and in-depth cryptocurrency news. This year’s edition attracted more than 1,000 participants. Our firm has advised platform operators in seeking approval from the Securities Commission of Malaysia to be approved as recognized market operators (RMO) to operate crowdfunding and peer to peer (P2P) platforms. 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