Malaysia Plans to Implement Crypto Regulations in Q1 2019

Malaysia Plans to Implement Crypto Regulations in Q1 2019

Malaysia will enact regulations for cryptocurrency and ICO in Q1 2019, local English news media The Star reported November 28.

The Securities Commission (SC) has updated it with a time frame for new rules.
This announcement quotes the finance minister Lim Guan Eng

This step will form “part of SC’s efforts to facilitate alternative fundraising paths and new investment asset classes,”

Malaysia has taken little by little into the domestic cryptocurrency industry arrangement, initially starting the process at the end of 2017.

Authorities have been trying to control the sector in the meantime, Lim told parliament that the entity that wants to issue cryptocurrency must consult with the country’s central bank, Bank Negara Malaysia.

Finance Minister said, “I advise all parties who wish to introduce Bitcoin (style) cryptocurrency to refer first to Bank Negara Malaysia because it is the authority that will issue decisions on the financial mechanism,”.

This month, a Malaysian politician also recommended holding an agreement for a government-supported cryptocurrency publishing project until the regulation came into force.

Malaysia has been trying to establish links with the blockchain this year, November also saw the Ministry of Education prepare a university degree verification system using technology.

Issuance Crypto Must  Postponed by the Central Bank

The Malaysian finance minister’s comments were reported by the local English language newspaper New Straits Times (NST) November 26. Finance Minister Malaysia Lim Guan Eng stated that every entity wishing to issue cryptocurrency must submit to the country’s central bank, Bank Negara Malaysia (BNM)

The finance minister outlined his stance in response to questions from MP Dr. Tan Yee Kew from the ruling People’s Justice Party (PKR) in the country. Dr. Tan reportedly asked where the steps taken to assess the risk of cryptocurrency could apply to the financial system and local fiat currencies..

Dr Tan is present in the context of a project for cryptocurrency which is supported by the government, with the nickname Harapan Coin, which will soon be launched before the central bank and Prime Minister Tun Dr. Mahathir Mohama.

The Harapan  Coin claims to be the first political fundraising platform in the world that uses cryptocurrency and blockchain technology. Last week, Malaysian MPs urged the government to implement crypto regulations before moving forward with plans for coins.

BNM initially planned to issue directives in terms of regulating cryptocurrency use in early 2018, after several months of preparation, as previously reported

Guan Eng responded to Dr.’s question Tan emphasizes caution, emphasizing that the systemic impact of cryptocurrency on financial stability is still being examined and that all entities that are considering cryptocurrency issuance are subject to the central bank’s regulatory line.

"It's not that we want to block [cryptocurrency] because we keep an open mind." But it's still subject to existing laws. Do not try to do something without the guidance of the State Bank and do something that is against the law. "I suggest all parties who want to introduce Bitcoin (style) cryptocurrency to refer first to Bank Negara Malaysia because it is the authority that will issue decisions about financial mechanisms.

That was disclosed by Federal Territory Minister Khalid Abdul Samad that all documents were prepared to launch the Harapan Coin project before the BNM and the presidential council.

The proposal has drawn sharp criticism from several civil and political actors, with the Central civil society group for a Better Tomorrow accusing the government of being “too excited” to launch into a “trendy but untested scheme.”

Read also CIMB Group Holdings BHD, Joins Ripple’s Cross-Border Payment Network

Nasdaq’s Bitcoin Futures Will Be Launch in the ‘First Round’ in 2019

The world’s second-largest stock exchange, Nasdaq, has confirmed its plan to launch a Bitcoin futures contract in the first half of 2019, the British daily tabloid Express reported Monday, December 3.

As reported, two insider sources leaked plans to Bloomberg at the end of November.

Yesterday’s confirmation from Joseph Christinat, vice president of the Nasdaq media team, clarified the launch.

Christina said the stock market giant has been eyeing crypto space “for years” and has been working on Bitcoin (BTC) futures products for “most” 2018. He added:

A lot of money and energy provide the ability to do this and we have all overcome it for a long time – the road before the market is in chaos, and it will not affect this time in any way. Not. Period. We do this no matter what. ”

Chrisin’s interview was not confirmed whether the Nasdaq Bitcoin futures contract would be supported by cash, or physically resolved (ie with returns paid in BTC rather than fiat currencies).

While cash-resolved Bitcoin futures contracts come to market on CBOE and CME Group as early as December 2017, the first physically-delivered Bitcoin futures targeted for January 2019 on Bakkt, a digital asset platform created by the New York Stock Exchange (NYSE) operator, Intercontinental Exchange (ICE).

In November 2017, the Nasdaq first showed it would launch BTC futures in mid-2018, but soon said it would delay the launch to create a “quite unique” offer.

The interview did not confirm whether the Nasdaq future contract support by cash or physically resolved (ie with returns paid in BTC rather than fiat currencies).

While Bitcoin cash-settled futures contracts come to market on CBOE and CME Group as early as December 2017.

First physically- delivered Bitcoin futures target to be launch on January 2019.

Source cointelehraph

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