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Malaysia Might Soon Release Cryptocurrency Framework

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Securities Commission Malaysia (SC) is working hard to build up a cryptocurrency framework within the coming three months. Ranjit Ajit Singh, the chairman recently revealed at the Sime Darby Convention Centre, Kuala Lumpur that regulator is closely collaborating with the country’s central financial institution, Bank Negara Malaysia. His comment came exactly when the Synergistic Collaborations SCxSC Digital Finance Conference 2017 was being hosted for promoting technology adoption within the parameter of financial services.

Ranjit agreed to the fact that the Securities Commission is fully aware of the increasing interest of global investors in cryptocurrency. He added that, “we note the growing interest of Malaysian investors in trading cryptocurrencies and digital assets. To facilitate such activities in our market and put in place investor safeguards, we are reviewing relevant regulations and guidelines to allow functional and effective use cases of digital assets in the capital market, including the seconding market trading of established cryptocurrency and digital assets.”

The framework put together by the commission will bring along a registration regime to accommodate local cryptocurrency exchanges. Securities Commission have already received application from local exchanges who wish to know more about the possible avenues for regulation and compliance. The Securities board set out a warning in September advocating the risks associated with using cryptocurrencies. The Central Bank of Malayasia had even considered drawing up guidelines of imposing ban on cryptocurrency activities entered into before the end of the year.

The announcement made confirms the fact that the bank is really toiling hard on crafting regulations in collaboration with the Securities Commission. Ranjit was recently quoted as saying, “together with BNM, we will look at the area carefully, and as SC is in charge of the secondary market, we would craft regulations to ensure that the trading values have the right conditions in place for market integrity and investor projection purposes.”

The Securities Commission has been involved in conducting discussions along with other market regulators under the shield of a single umbrella body termed as the International Organisation of Securities Commissions.

Also Read: The Government Of Iran Getting Ready For Bitcoin Usage In The Country

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