The Securities Commission Malaysia has issued revised guidelines governing cryptocurrencies, effective as of 28th October. These are planned to regulate initial exchange offerings, or IEOs, and virtual currency custodians.
As per the Malaysian Securities Commission, the rules intend to encourage accountable innovation in the cryptocurrency domain, while at the same time handling developing dangers and protecting the interests of issuers and investors.
According to several crypto media reports, the securities commission originally published a regulatory guide for IEOs back in the month of January, this year. This laid out rules which empowered businesses to raise funds by means of token issuance only through a permitted and registered cryptocurrency exchange, but was not due to come into force until late this year.
The guidelines also cover rules for companies intending to provide custody services for cryptocurrencies. Applications for registration as either an Initial Exchange Offering provider or a Decentralized Autonomous Corporation are now being accepted.
In spite of the objective to enable innovation in the sector, the guidelines mention that virtual assets and digital tokens are not recognized as a legal tender nor as a type of payment instrument that is regulated by Bank Negara Malaysia.
A complete copy of the guidelines is available on the official website of Malaysia Securities Commission.
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