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Malaysia's finance minister announces the encryption plans for the Blockchain regulations in 2019

Malaysia's finance minister announces the encryption plans for the Blockchain regulations in 2019

Adjustment is everywhere. While we had a very uneven year in 2017 and the cryptographic space was the Wild West, 2019 will be exactly the opposite. Many countries around the world now understand that it is important to regulate cryptocurrencies and Malaysia will be one of the next countries to do so.

Malaysia is set to create a regulation for the first coin offerings (ICO), which will be at the center of this new framework. At present, Malaysia's finance minister, Lim Guan Eng, has stated that the idea is to launch the new regulatory framework until the end of the first quarter of 2019. According to him, this is largely facilitating life. of companies that are interested in using ICOs as a means of fundraising and as a new investment class.

Originally, Malaysia was ready to initiate the regulation of its crypto-industry in 2017, but things were slower than expected and the whole process was pushed until 2019.

While no regulation is still in force in the country, the Minister of Finance has stated that the government has tried to regulate the sector in an informal way, since all entities wishing to issue cryptos must now consult Bank Negara, the central bank of Malaysia.

The minister advised anyone who wants to create their own cryptography to always visit Bank Negara Malaysia because the bank holds the authority necessary to approve or disapprove the ICOs and only the bank at the moment.

However, not everything is beautiful in Malaysia at the moment. This month, a politician in the country has recommended that the government should suspend the approval of a government encryption project and wait for the regulation, so it seems that innovation will have to wait a while to thrive in the country .

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