At the Digital Finance Conference in Kuala Lumpur it was revealed that Malaysia securities commission has already started working on a framework to regulate digital currencies. According to the commission chairman, Tan Sri Ranjit Ajit Singh, the future document will include regulations and guidelines for cryptocurrency users, considering different options of digital assets use. The commission also takes into account cryptocurrency trading in the secondary market.
The financial regulator of the country, Bank Negara Malaysia (BNB), is also participating in the working on regulatory framework. It has already been applied by a few cryptocurrency exchanges for official licenses. In the meanwhile, a pilot project is being developed in the country to introduce the Distributed Ledger Technology (DLT) to off-exchange and unlisted markets.
The commission chairman, Tan Sri Ranjit Ajit Singh’s speech can be considered as a sign of the State’s tolerance to the alternative currency. Remember, a couple of weeks ago, Bank Negara Malaysia stated that the decision on cryptocurrency legalizing will have been made by the end of the year.