Luno: Minister of Finance Lim Guang Eng says Malaysia will regulate the crytocurrency industry

The Minister of Finance Yang Berhormat Lim Guan Eng, has announced that the government will set up a new regulatory framework to approve and monitor “Digital Coin and Token Exchanges” in his recent Budget 2019 speech.

This is an extremely positive news from a very forward-thinking government who embraces new disruptive technology. It also means that cryptocurrency exchanges in Malaysia will be licensed and regulated under the purview of the Securities Commission.

We welcome this announcement as we believe most of the innovation in the sector will come from cryptocurrency companies, financial institutions and regulators working together. We commend the Ministry of Finance, Bank Negara Malaysia and Securities Commission for taking this important and innovative step in regulating and fostering the development of an extremely promising industry.

Once the new regulatory framework has been set up, we will apply and obtain a license from the government. Such development will also allow us to resolve and reactivate deposits for you to trade cryptocurrencies in a safe, easy and secure way again.

In the meantime, and while waiting for regulations in Q1 2019, we are still working hard to obtain alternative methods for deposits. This remains our top priority.

We are committed to building and growing the cryptocurrency market in Malaysia. We will keep you updated on our progress and hope to bring you good news within a few months. We’re here for the long term and appreciate your continued trust and patience.

Source: Luno

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