Malaysia Regulator Issues Updated Guide to Regulating Crypto Assets

Securities Commission Malaysia (SCM) released revised principles of regulation of crypto assets, Including IEO, as well as the rules for castodians of digital assets.

According to the statement
SCM, Updated rules are aimed at promoting "responsible Innovations in the digital asset industry, management of the risks arising in connection with this, as well as protecting the interests of issuers and investors ". At the beginning of the year, the Malaysia regulator released
Cryptocurrency guide, according to which the primary placement of tokens (ICO) should be carried out exclusively on exchanges, that is, turn into primary exchange placements (IIo).

Now the regulator has updated the leadership, which entered into force 28 October. According to the new rules, Platforms for IEO should conduct a comprehensive check of issuers. This includes responsibility for assessing the issuer's ability to comply with local rules to prevent money laundering and financing terrorism.

Recommendations also include rules for companies, wishing to provide digital assets storage services. The regulator accepts registration applications as a supplier of IEO or Castodian digital assets (DAC). Despite, that regulation is aimed at the development of innovation, SCM claims:

“Digital currencies and digital tokens are not recognized as a legal payment tool or a form of payment tool, which is regulated by the Central Bank of Malaysia ".

A full copy of the rules is placed on the website of the securities of the securities of Malaysia.

Recall, that in the summer the advisory council under the laws of the Sharia of the Securities Commission on Malaysia Decided, that the trade of crypto actures does not contradict the laws of Sharia and can be allowed.