The Malaysian Securities Commission has recently opened the consultation for its two papers on Initial Coin Offering (ICO) and property crowdfunding regulation in the country. Starting now, if you live in the country, you will be able to give the authorities some feedback about their current regulatory frameworks.
According to the reports, the Malaysian Securities Commission, which is the responsible body for regulating securities and other related capital markets in the country (now including cryptocurrencies as well).
The institution has invited the citizens of the country to review its legislation and to leave thoughtful comments on the changes which are being made by the company in order to create the regulatory approach.
Lim Guan Eng, the finance minister of Malaysia, has already affirmed that the ministry sees ICOs and similar digital crowdfunding practices are beneficial, but they have to be properly regulated in order to work well because they could be too risky without the necessary precautions and laws.
According to the official statement made by the institution, the consultation papers are about ICOS and crowdfunding and the public feedback will be used to determine financing limits, requirements and several types of criteria to regulate the market well.
People from the country will have a short time to comment on the changes which are being made to the regulation of crypto assets. They can do starting today and will have until the end of the month, March 29, 2019, to comment. After that, the comment section will be closed and the information there will be read by the regulators of the country.
You can find the official papers here if you are interested in knowing about them in detail.
Crypto Regulation In Malaysia
Several efforts to regulate the crypto market are being done in Malaysia now. The national central bank of the country has announced that it plans to regulate crypto assets during the first half of 2019.
The minister of finances, Lim Guan Eng, has announced at the regulation and classification of cryptocurrencies, tokens and digital securities will be done under the authority of the Malaysian Securities Commission as well.