Govt to announce two financial frameworks next year

The government will announce two key frameworks in the first quarter of 2019 regarding cryptocurrency and property crowdfunding regulations to be meted out by the Securities Commission Malaysia (SC).

Finance Minister Lim Guan Eng said the Ministry of Finance (MoF) would be the coordinating body for the SC and Bank Negara Malaysia (BNM) for the cryptocurrency framework.

“The regulations for digital assets, or cryptocurrency exchanges, and initial coin offerings will come into force by the first quarter of 2019 as part of the SC’s effort to facilitate alternative fundraising avenues and new investment asset classes.

“While some parties might still be sceptical of this space, there can be no doubt that we need appropriate regulations to be put into place and enforced to safeguard the interest of investors,” he told reporters after delivering a keynote address at the Synergistic Collaborations by SC Fintech Conference 2018 yesterday.

Govt to announce two financial frameworks next year

Have a comment? Type it below!