Malaysia regulate ico and blockchain
So today's hot topic in Malaysia in the blockchain space is not about how the market is doing however it more towards the announcement by the Finance Minister in regards to regulatory matters about funds thru ICOs or "digital currencies"
https://www.sc.com.my/news/media-releases-and-announcements/sc-to-regulate-offering-and-trading-of-digital-assets
With this surprise announcement, literally it also places all Crypto exchanges in Malaysia in a chaotic state as there are no clear guidelines set for licensing these exchanges.
The announcement seemed to had come out without proper planning. the announcement was issued out by Ministry of Finance however the executioner would be Securities Commissions and there is no clarity in regulating it.
Unblock Kuala Lumput
So in today's event at Unblock Kuala Lumpur held in KL... It was obvious that the main topic of the day was around ICOs, STOs and how the announcement is effecting the Blockchain scene in Malaysia
I'm sure that the panelist was already expecting these questions however almost all answers would be just speculations.
Unblock Kuala Lumpur
In the next couple of months, I'm sure there would be more regulatory announcements would be made and guidelines will appear. Let's hope that it's for the better and encourage economical growth in Malaysia
Posted from my blog with SteemPress : http://steemitup.club/malaysia-regulate-ico-and-blockchain/
I wanted to ask you about this earlier on Discord and how it affects us....
They are talking jail time and all ... yikes ;p
As long as you are not starting an ICO ( raising funds in Malaysia thru Crypto.) you are fine.
The thing is that there is no official guidelines for those who are already holding Crypto assets and are actively trading and making a profit. Its very vague and the announcement was very sudden. Still wondering what's happening
Yeah that’s what I understood it as
Just needed to hear your take on it
Thanks @bitrocker2020
Now I can sleep 😁
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This is a little disturbing news @bitrocker2020
Launching this type of regulations without a very clear plan only hurts investors and the whole blockchain community in Malaysia more, I wonder if security tokens also fall under this unspecified regulation.
Enjoy your day, Piotr.
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