Malaysia’s Finance Minister Announces Crypto Plans For Blockchain Regulations in 2019
Regulation is everywhere. While we had a very unregulated year in 2017 and the crypto space was the Wild West, 2019 will be the exact opposite. Many countries around the whole world are now understanding that it is important to regulate cryptocurrencies and Malaysia will be one of the next countries to do it.
Malaysia is set to create a regulation for Initial Coin Offerings (ICOs), which will be the focus of this new framework. At the moment, the Finance Minister of Malaysia, Lim Guan Eng, has affirmed that the idea is to launch the new regulatory framework until the end of the first quarter of 2019. According to him, this is will largely facilitate the lives of companies who are interested in using ICOs as a mean for fundraising and as a new investment class.
Originally, Malaysia was set to start the regulation of its crypto industry in 2017, but things were slower than expected and the whole processes ended up being pushed to 2019.
While no regulation is still in effect in the country, the Minister of Finance has affirmed that the government tried to regulate the industry informally, as all entities who wish to emit cryptos now have to consult with the Bank Negara, the central bank of Malaysia.
The minister has advised anyone who wishes to create their own crypto to always pay a visit to the Bank Negara Malaysia because the bank holds the necessary authority to approve or disapprove the ICOs and only the bank at the time.
However, not everything is pretty in Malaysia at the moment. This month, a politician from the country has recommended that the government should put on hold the approval of a governmental crypto project and wait for the regulation, so it looks like innovation will have to wait a bit to flourish in the country.