The Malaysian government is still undecided whether to legalize the crypts or not in the country. This is according to a report by New Straits, a local media.
The news was published on January 12 and mentions the current minister of Malaysian federal territories Khalid Abdul Samad. When asked about the legality of virtual currencies in the country, he said that the government was still undecided. Adding that the situation was not clear for now.
Malaysian finance department and central bank plan to regulate the crypt in the country
Samad went on to add that since he was not the finance minister, the question did not fall within his jurisdiction. However, it is noteworthy that the minister was involved in the launch of a political cryptocurrency called Harapan Coin (HRP).
A coin that Samad at one point proposed to the current Prime Minister Mahathir Mohamad and to Bank Negara Malaysia to be used to conduct government transactions.
However, in November last year, the Prime Minister of the country Lim Guan Eng. Warned that any entity wishing to launch a cryptocurrency should first refer to the Securities Commission and the Bank of Negara Malaysia (BNM).
He noted that he had asked a government official that he was very explicit in support of the Harapan project to mitigate it until the financial authorities had worked out a clear regulatory framework.
In addition, last December, the Malaysian central bank and the financial regulatory authority issued a joint statement in which they confirmed that they were establishing regulations that would regulate cryptocurrencies and early money offerings (ICOs).
The Harapan coin is advertised as "The first political fundraising platform" but very few details about the project have been revealed to the public.
It is believed that up to 30 percent of the money raised for the project was allocated to the pockets of system administrators who remain anonymous.