Regulating as Securities OneHash bonus

Категория: Crypto reviews

Regulating as Securities

Malaysian Finance Minister Lim Guan Eng said on Monday that his country»will govern initial coin offerings (ICOs) and the trade of cryptocurrencies,» Reuters reported, including:

An arrangement to recognize digital currencies and electronic tokens as securities will come into force on Jan. 15, under the regulation of the Securities Commission Malaysia [SC].

The order is known as»the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019.» ICOs cryptocurrencies and their associated activities must comply with securities laws and be approved by the commission, the minister explained.

Following Lim’s statement, the Securities Commission Malaysia confirmed that it»will put in place guidelines to regulate trading and offering of digital assets.» The regulator noted that»the offering of electronic assets, as well as its associated activities, will require authorisation from the SC and compliance with relevant securities laws and regulations,» elaborating:

Criteria will be among others, established by the guidelines for determining properness and fit of disclosure standards and exchange operators, issuers and best practices in trading principles price discovery and customer asset protection. Those dealing in digital assets will be required to put in place anti-money laundering and counter-terrorism financing (AML / CFT) principles, cyber security and business continuity measures and bitcoin casino best slots.

Furthermore, the commission said that it»will enter into coordination arrangements» with the Bank Negara Malaysia, the country’s central bank, in order»to ensure compliance with laws and regulations under the purview of both regulators.» Additionally, the regulator revealed that»The relevant regulatory framework is expected to be launched by end-Q1 2019.»

Lim was quoted by The Star as saying,»Any person offering an ICO or running a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil [~$2.44 million].»

Malaysian Finance Minister Lim Guan Eng

Ministry of Finance Sees Potential

The finance ministry»views digital resources, as well as… inherent blockchain technologies, as having the potential to bring about innovation in both new and old industries,» Lim further described, elaborating:

In particular, we consider assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and an asset class for investors.

Bank Negara Malaysia has said that cryptocurrencies aren’t legal tender in its country7bit bitcoin casino The central bank has advised the public to assess the risks associated in dealing with them.

Bank Negara Malaysia has released a list of organizations that have announced themselves as service providers or exchanges, but emphasized that it has neither certified nor authorized these businesses. Among companies on the list are Belfrics Malaysia, Bit Malay, Bitpoint Malaysia, Bit Trade Enterprise, Bong Technology, Bxm, Luno Malaysia, Openbit, Udax International, Upbit Malaysia, and Xbit Asia.

What do you think of Malaysia beginning to govern cryptocurrencies and ICOs? Tell us in the comments section below.

Images courtesy of Shutterstock, the Malaysian government, and Reuters.

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Source: bitcoincasinoreview.net



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