The Malaysian Securities Commission recently published the guidelines on digital assets in order to settle the requirements for the commercialization of digital tokens through an initial exchange offer platform (IEO) operator.
As the report specifies, operators must request authorization from the commission and have a minimum paid-in capital of 5 million ringgits, equivalent to $ 1.23 million.
The guidelines also establish requirements for anyone to seek to raise funds through token offers. In the event that an issuer submits proposals to raise funds by applying this method, it can collect “maximum RM100 million and take advantage of the investments of retail investors, both sophisticated and angels, subject to the investment limits established in the guidelines,” the commission said.
In addition, he stated that the issuer must have a constituted company that has its main business in Malaysia, with a minimum paid-in capital of 500,000 ringgits. “Issuers are required to demonstrate that their proposed project or business provides an innovative solution or a digital value proposition. significant for Malaysia.”
The new guidelines are expected to come into effect “the second half of 2020 to allow potential issuers, platform operators and investors to familiarize themselves with the requirements of the guidelines… Until the guidelines come into force, no one is allowed to offer or issue digital tokens in Malaysia.”
K.Villarroel
Source: heaven32
