Cryptocurrency ICO will soon to be legal in Malaysia?

The Minister of Finance Malaysia , Lim Guang Eng has previously mentioned about cryptocurrency regulation during the Budget 2019 announcement. It was mentioned that all cryptocurrency trading and transactions will be monitored closely to prevent any legal issues such as money laundering.

ICO (Initial Coin Offering) is one of the methods to promote, market or sell recently launched cryptocurrencies. It is widely used as due to its marketing strategy and able to attract large audience.

One of the main point of ICO is where the cryptocurrency provided for sales are a big margin cheaper than the price it should be. Thus buyers tend to invest on cryptocurrency during ICO phase as potential coin might shoot up in value when its officially launched.

However due to this misconception, there are high amount of risk to be considered as ICO are mainly created without proper regulation and the only thing that regulates and somewhat the reputation of the seller/developer of ICO.

There are more cases of scams happening due to ICO where buyers end up getting nothing after paying a sum for the ICO coins. Thus , Malaysia is used to be one of the country where ICO is banned, not directly at least.

However due to the recent Budget 2019 announcement , it was speculated where ICO will soon to be legalised in Malaysia as government will be regulating it soon.

Source: Sinchew

 

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