The Malaysian central bank and the securities regulator said that they would cooperate to regulate cryptocurrencies and ICO.
The Malaysian Securities Commission and Bank Negara Malaysia noted that the cooperation will be directed only to the observance of the rules and laws that fall under the authority of the two regulators.
Malaysia’s Finance Minister Lim Guan Eng explained:
“Both Bank Negara and the SC, in terms of formulating this framework will be under the auspices of the Finance Ministry. The Finance Ministry will lead the committee comprising of Bank Negara, the SC, and the MOF itself.”
The Securities Commission will regulate ICO, as well as monitor cryptocurrency trading in the country, and is currently developing relevant legislation.
The rules will require cryptocurrency exchanges and ICO issuers to comply with the laws and regulations of the central bank. They will also have to abide by the lines Guidelines on Prevention of Money Laundering and Terrorism Financing’, set by the Securities Commission.
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