Bank Negara urges the public to weigh digital asset risks carefully

  • Banking
  • Friday, 07 Dec 2018

MONDAY, MAY 7 KUALA LUMPUR- Release of Bank Negara's foreign reserves as at 30 April 2018 at 1500 (0700 GMT) KUALA LUMPUR- HSS Engineers Bhd post-Annual General Meeting (AGM) press conference, Pinnacle 1, Level M1, Connexion Conference & Event Centre @ The Vertical, No 8, Jalan Kerinchi, Bangsar South City, Kuala Lumpur at 1215 (0415 GMT)

PETALING JAYA: Bank Negara is urging members of the public to carefully evaluate the risks associated with dealings in digital assets, which are not legal tender in Malaysia.

In a joint statement yesterday, Bank Negara and the Securities Commission (SC) said both parties would work together to implement the regulatory framework for the digital assets to ensure they comply with laws and regulations under the purview of both regulators.

Digital assets refer to digital currencies and digital tokens.

“SC will regulate issuances of digital assets via initial coin offerings (ICOs) and the trading of digital assets at digital asset exchanges in Malaysia.

“Regulations are currently being put in place to bring digital assets within the remit of securities laws to promote fair and orderly trading and ensure investor protection,” Bank Negara and the SC said in the statement.

The regulators cautioned ICO issuers and digital asset exchanges which issue or deal with digital assets with a payment function must comply with relevant Bank Negara laws and regulations relating to payments and currency matters.

ICO issuers and digital asset exchanges are subject to SC’s Guidelines on Prevention of Money Laundering and Terrorism Financing.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

Next In Business News

IJM Corp shares inch up on 15 sen dividend plan
How courage has led a local pet store to digitalise and thrive
Blue chips inch higher but record high Covid cases may check gains
Spotlight on Malaysian business: Riding out the pandemic storm by adapting to business changes
Kenanga upgrades Bursa to 'outperform', lowers target price
Trading ideas: IJM Corp, Bioalpha, Rhone Ma, Mercury, Glomac, Gadang
Powell says Fed likely to taper asset purchases 'at the same time'
Houston man pleads guilty in scheme to sell US$317 mln bogus masks to Australian state
Fed establishes standing repo facilities to support money markets
Oil settles up near $75; sharp U.S. inventory drop counters virus worry

Stories You'll Enjoy