Malaysia studies legalizing cryptocurrencies
Since 2018, companies interested in participating in trade with cryptocurrencies are waiting for instructions from the Central Bank of the Asian country
During 2018 the Malaysian financial sector authorities gave the order to the companies not to issue new tokens until the Central Bank issued clear guidelines in this regard. Although the measure is maintained, the government is currently studying the scenario for a possible approval of cryptocurrencies.
Government officials said recently that the issue is still under study. However, from the Ministry of Finance indicated: “We are currently implementing regulations to put digital assets within the scope of securities laws to promote fair and orderly trade and ensure the protection of investors.”
The uncertainty remains, which puts Malaysia at a disadvantage with respect to countries such as Thailand, Singapore and Hong Kong, where the regulatory framework for the adoption of cryptocurrencies seems close to being approved.
According to Khalid Abdul Samad, Minister of Federal Territories of Malaysia, it is not about whether digital currencies are legal or illegal, but about how to incorporate them into the national economy by complying with the laws. At present they are not approved, but they are not prohibited either, so that those who get involved in this market do not have legal backing.
Samad admitted his participation in the approval of an initiative to create the Harapan cryptocurrency, which is nothing more than a token to raise funds for the Pakatan Harapan government party, as a step prior to the 2019 general elections. However, the Malaysian Nagara Central Bank has yet to approve said project.
M.Pino
Source: Bitcoin.es
Receive this and all our information directly on your cell phone through our channel on Telegram: https: //t.me/BitFinanceNews
