Malaysia Gov’t Gets Requests to Finalize Crypto Regulations Before Approving Harapan Coin (HRP)
The government of Malaysia has been requested to wait for fitting cryptocurrency guidelines and political financing regulations to be put into place before introducing the Harapan Coin.
Harapan Coin is created for the purpose of eliciting opposing sentiments against the current governing coalition, in preparation for the coming election. They are on a mission to change Malaysia using cryptos. They have a goal to raise money for the opposing party in Malaysia.
According to their website, “We are a group of patriotic and concerned Malaysian citizens, within and outside of Malaysia, that has undertaken the mammoth task to rally ALL & ANY Malaysian, who loves and cares for the future of their country, to contribute and collect monies to fund an opposition movement in preparation for the upcoming General Election 14 (GE14) in Malaysia.”
Fahmi Fadzil, who is the director of the People's Justice Party (PKR) said that there is a requirement to have proper regulation around political financing set up due to the anonymous nature of cryptocurrency.
“The anonymous nature of cryptocurrency may open us up to a number of issues and we need to wait for guidelines from Bank Negara Malaysia (BNM) in regard of cryptocurrency,” he said.
Former PM of Malaysia, Datuk Seri Najib Razak earlier had questioned the conception of HRP, asking who would actually profit from the “HRP scheme.” He founded Federal Territories Minister Khalid Samad, who pushed for HRP, to disclose the names of the people behind the project.
Now, the paperwork around HRP will be handed over to BNM and Prime Minister Tun Dr. Mahathir Mohamad. Although looking the the review systems in place, the approval might take long.
Notably, earlier in 2018, BNM had issued guidelines to use digital currencies. It required cryptocurrency exchanges to reveal the identities of the traders after they introduced the new AML laws. After a month the ban said that they also plan to integrate blockchain to the banking sector in the country.