Malaysia: Domestic Finance Watchdog Seeks Public Feedback on ICO Regulatory Framework

The Securities Commission Malaysia (SC) has issued two consultation papers seeking public feedback on the regulatory frameworks for initial coin offerings (ICOs) and property crowdfunding. The request was noted in a press release published on the SC’s website Wednesday, March 6.

The Malaysian SC, a statutory body responsible for the regulating and systematic developing of the capital markets in Malaysia, has invited the public to leave comments on the consultation papers by March 29, 2019.

The Malaysian finance minister, Lim Guan Eng, had previously noted that the ministry saw digital assets as offering both an alternative fundraising method and a new asset class for investors. The currently issued consultation papers address both ICOs and crowdfunding, and the official announcement states:

“The SC is seeking public feedback on the proposed regulatory framework which will, among others, set the eligibility requirements of first-time homebuyers, criteria of properties which can be listed on the platform, obligations of platform operators and financing limits.”

On Dec. 7 Malaysia’s finance regulator jointly with the national central bankannounced plans to issue legislation on cryptocurrency  and ICO assets in Q1 2019.

At the beginning of 2019, Lim Guan Eng announced that the cryptocurrency regulation had come into effect, classifying digital currencies, tokens and crypto-assets as securities, which placed them under the domestic SC’s authority.

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