Malaysian Cryptocurrency Regulation to Classify Digital Assets, Tokens as Securities
Malaysian cryptocurrency regulation comes into effect on Tuesday, classifying crypto-assets as securities.
The Malaysian finance minister, Lim Guan Eng, reportedly said today that the Capital Markets and Services Order 2019 would become effective on Jan. 15. According to Reuters, the new regulation classifies digital currencies, tokens and crypto-assets as securities, placing them under the Securities Commission’s authority.
Starting from Tuesday, any person operating unauthorized initial coin offerings (ICOs) or digital asset exchanges in Malaysia will be reportedly facing a 10-year jail sentence and a 10 million ($2.4 million) ringgit fine.
According to Malaysian news outlet The Star, Eng noted the positive outlook of the Ministry of Finance on the cryptocurrency industry, s