In a company blog post, the startup said: “What we find most exciting is that with a place to call its home, Project Castor has the potential to not only help the equity crowdfunding ecosystem, but more importantly, it can now help to improve the capital markets at large. In addition, ICO issuers and digital asset exchanges are subject to the SC’s Guidelines on Prevention of Money Laundering and Terrorism Financing. With blockchain, we will have a cryptocurrency that is more stable and safer than any currency that has ever existed before it. The two-day event wrapped up just a week before the SC and Bank Negara Malaysia (BNM), the country’s central bank, issued a joint statement on the regulation of digital assets. Malaysia’s Securities Commission (Shariah Advisory Council) has, The commission has currently allowed three digital asset exchanges (including Tokenize, SINEGY, and. Malaysia’s Securities Commission (Shariah Advisory Council) has announced that the trading of digital assets is now legal in the country. Serina: A smart contract is an agreement between two (2) parties in the form of computer code run on blockchain, … We manage the submission process throughout the entire application, from planning the milestones, preparing the rule book, through to operationalisation of the platform. Keep updated with our round the clock and in-depth cryptocurrency news. Securities Commission Malaysia (SC) released the revised Guidelines on Digital Assets to regulate Initial Exchange Offerings (IEO) and Digital Asset Custodians (DAC). You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. The status of the cryptocurrency industry in the country had been unclear until the recent announcement by the Securities Commission. Since its inception, more than 200 engagements sessions have been conducted, including one-on-one meetings, focus group discussions and speaking engagements. Launched in 2015, aFINity focuses on facilitating coordination and synergies among Malaysia’s fintech ecosystem participants. Malaysia’s finance minister, Lim Guna, said that new regulations guiding cryptocurrency trading would assist in serving as criteria for exchange operators and coin issuers. Datuk Syed Zaid, the Chairman of the Securities Commission, said that the regulator has resolved key issues facing regulations of digital currencies in a principled manner. Securities Commission Malaysia Speakers : Hamid Rashid | Cris Duy Tran | Rashdan Ramlee | Masumi Hamahira Claimable 10 CPE ... Blockfest, Blockchain Solution Asia: Malaysia Seamless Asia, World Blockchain Forum: Singapore . Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. Past performance does not guarantee future results. Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. In a recent move to do so, BNM or Bank Negara Malaysia and the SC or Securities Commission Malaysia had in January 2018 issued a joint statement on the issue of ICOs or Initial Coin Offering in Malaysia. Chuah mentioned that crypto operators think that the regulatory authorities may consider creating a regulated digital asset derivatives market in the future. Bookmark the permalink . Diana joined CoinJournal in June 2015. Subscribe today and get the latest news, exclusive interviews and analyses. This was an important factor to consider when developing the system, for it meant that it needed to be designed in such a way that was modular enough to be applied to different financial products and services.”. Your capital is at risk. contracts for difference (“CFDs”) is speculative and carries a high level of risk. The watchdog actually already released the guidelines way back in January. Malaysia has experienced exponential growth of interests in the crypto market but there have also been inside trading abuses, market manipulation, and some exchanges were even involved in predatory and deceptive practices. The Securities Commission Malaysia (SC) has announced the completion of a pilot project called Project Castor which sought to explore the technical implementation and feasibility of using blockchain technology as the underlying market infrastructure for unlisted and over-the-counter (OTC) markets. “It is our belief that, if deployed within a framework of robust safeguards, technology and innovation could be harnessed to transform markets for the benefit of investors, intermediaries and the economy at large.”. Trading cryptocurrencies is not supervised by any EU regulatory framework. The new regulations require any digital asset offering to get approval from the Securities Commission. Past performance is not an indication of future results. He said that the crypto industry in the country is closely waiting for the commission’s full guidelines on trading and issuance of digital assets. The Securities Commission Malaysia (SC) has revised its Guidelines on Digital Assets (Guidelines), which came into force today to regulate Initial Exchange Offerings (IEO) and Digital Asset Custodians (DAC). View our privacy policy here. Th… It also used smart contracts to codify the rules of offerings and distribute the appropriate tokens and assets once offerings were closed, as well as for KYC/AML requirements. The guideline also states that IEO operators must have a minimum paid-up capital of RM 5 million and must be locally incorporated unless specified otherwise by the regulator. Malaysian blockchain startup Neuroware collaborated with the SC for the project. This entry was posted in Asia, Blockchain & Digital Assets, Politics, Legal & Regulation and tagged digital assets, digital wallets, malaysia, securities commission malaysia. Any trader identified trying to bypass the law would be subjected to a fine up to US$2.4 million (RM10 million) or a prison sentence of up to 10 years. As the Malaysian Muslim community is still awaiting a Shariah-compliant resolution for the trading of digital assets, crypto firms such as SINEGY now can explore potential services, which may welcome more Muslims into the digital asset space. It was at this time in 2019 that Malaysian Finance Minister Lim Guan Eng communicated the potential that he saw in this revolutionary technology. Datuk stated that the regulator has resolved that trading and investment of digital currencies and tokens are permissible in registered digital asset exchanges. Our firm has advised platform operators in seeking approval from the Securities Commission of Malaysia to be approved as recognized market operators (RMO) to operate crowdfunding and peer to peer (P2P) platforms. The Malaysian authority Shariah Advisory Council in a historic announcement declared that digital assets trading was permissible. The Securities Commission of Malaysia backs cryptocurrency use and says it has great potential, despite a low rate of digital assets adoption within the country. Malaysia is one such country as the Securities Commission [SC] of the region categorized Malta-based Binance as an unauthorized company. In August, the Hong Kong Monetary Authority went live with a blockchain-backed trade finance platform that links up with 21 banks, including HSBC and Standard Chartered. Securities Commission Malaysia Embarks on Blockchain Pilot Project by Vincent Fong November 6, 2017 Tan Sri Ranjit Singh, Chairman of Securities Commission of Malaysia announced today at the SCxSC Digital Finance Conference 2017 today that the regulator has embarked on a pilot project for distributed ledgers in the unlisted and OTC Market space. Project Castor a project led by Securities Commission Malaysia in conjunction with a home-grown blockchain company as their technology partner. Datuk stated that the commission’s resolution has been finalized, and the agency would issue further details later. Securities Commission Malaysia Embarks on Blockchain Pilot Project by Vincent Fong November 6, 2017 Tan Sri Ranjit Singh, Chairman of Securities Commission of Malaysia announced today at the SCxSC Digital Finance Conference 2017 today that the regulator has embarked on a pilot project for distributed ledgers in the unlisted and OTC Market space. IEO platforms will be required to carry out the necessary assessment and due diligence on the issuers as well as the features of the digital tokens. The Securities Commission Malaysia blockchain pilot project for OTC will deploy Neuroware’s Cortex technology, a blockchain agnostic service that is capable of working across a host of different distributed technologies which allows for blockchain functionality without the tie-in to any specific ledgers and the ultilisation of multiple blockchains for different aspects of the project. Subscribe now and get exclusive news, interviews and stories. They were added to the list for “operating a recognized market without authorisation from the SC.” The revised guideline effective immediately from its release on Wednesday. Crypto trading was not termed illegal but remained unregulated. The Securities Commission Malaysia (SC) has announced the completion of a pilot project called Project Castor which sought to explore the technical implementation and feasibility of using blockchain technology as the underlying market infrastructure for unlisted and over-the-counter (OTC) markets. After Malaysia finalized its regulatory crypto exchanges framework recently, the Securities Commission Malaysia (SCM) made a major announcement on June 4, 2019, that it has successfully completed the registration of three well-known cryptocurrency market operators for the purpose of establishing and operating the country’s digital asset exchanges (aka crypto exchanges). SPEAKER 3: MOHD RASHDAN RAMLEE. Rashdan Ramlee is the Senior Consultant for Blockchain and Fintech at Masyref Management House and also the Co-Founder of … Chuah said that currently, all regulated trading activities of digital assets are allowed, but many non-compliant activities are not permitted. With blockchain, we will put an end to the monopoly of government-issued currencies, as suggested in the title of Hayek’s work – “Denationalization of Money.” Blockchain will simplify the set of concepts revolving around financial services and the complexity of the IT systems. The Securities Commission of Malaysia said the move is designed to support “responsible innovation in the crypto space, while at the same time managing … The Monetary Authority of Singapore (MAS), the city state’s central bank and financial regulator, launched Project Ubin in 2016 to use DLT for clearing and settlement of payments and securities. Each investment is unique and involves unique risks. She has worked for French- and English-language online publications, covering fintech, blockchain technology and digital currencies. As a blockchain enthusiast, Qi Yu ventured into Digital Assets trading and subsequently established Tokenize to enable more like-minded enthusiasts in the region to be able to trade in a safe and secure platform. It proposed frameworks for digital asset custodians (DACs) and initial exchange offerings (IEO). For more information please read our full risk warning and disclaimer. (Read More). Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Capital Market Architecture Blueprint in a Decentralized World, The Rise Of The All-In-One Bitcoin & Lightning Node, The Gibraltar Blockchain Exchange Announces Insurance Coverage for Crypto Assets, SiGMA Europe to take place in April following early vaccine rollout, Crypto could improve the financial system: Janet Yellen, Bitcoin fractal hints at steeper correction if bulls fail to hold $30k. On 1 April 2020, Tokenize obtained full approval from Securities Commission Malaysia to operate a Digital Asset Exchange (DAX). Leader in crypto and blockchain news and information. Project Castor is the first project to stem from the innovation lab of the SC’s Alliance of Fintech Community (aFINity). As per the report, the agency has approved at least four digital assets in the nation up until this month. Today, the Securities Commission Malaysia (SC) directed CopyCash Foundation to immediately cease and desist all its proposed activities, including a purported plan to launch an ICO on January 10, 2018 in Malaysia. We use cookies to improve your user experience and our services. The Securities Commission is the regulatory authority that oversees the implementation of Islamic laws in the operations of Islamic financial institutions. By continuing to browse the site or clicking "OK, Thanks" you are consenting to the use of cookies on this website. … The list of Shariah-compliant securities which are listed on Bursa Malaysia will take effect from 25 May 2018 During the first phase of the implementation SC will work with platform operators in assessing eligible issuers. The ICM functions as a parallel market to the conventional capital market, and plays a complementary role to the Islamic banking system in broadening and deepening the Islamic financial markets in Malaysia. All these have led to the need to reposition the existing financial regulatory framework to incorporate the supervision of the crypto market in the country. All Rights Reserved. He said that in a teleconference panel session at Invest Malaysia 2020 here today. Project Castor simulated an equity crowdfunding environment and utilized Ethereum-based tokens to represent equity and monies. Datuk Syed Zaid Albar, chairman of Securities Commission Malaysia, announced the successful pilot project at the annual Synergistic Collaborations by SC (SCxSC) conference in Kuala Lumpur on November 28, 2018 and unveiled the release of a report detailing the initiative. Notably, it stated that digital coin offering to be mandated only through IEO in the country. CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. The Securities Commission of Malaysia has brought in the amended guidance to govern a range of functions in cryptocurrency markets, including digital asset custodian services and initial exchange offerings, better known as IEOs. Diana Ngo is a freelance fintech, blockchain news writer based in Cape Town, South Africa. 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