As early as January 2019, just as we entered a new year, Finance Minister Lim Guan Eng’s announcement of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 sent shockwaves through the industry.
In this document, it is stated that anyone caught operating a cryptocurrency exchange or raising ICOs without proper authorisation could face up to 10 years of jail and a RM 10 Million fine.
While the prescription order made headlines across the news, a draft framework not yet made ready for the industry which caused quite a fair bit of confusion and speculation.
The Securities Commission of Malaysia team moved quickly to issue a draft within the same month in order to provide some much-needed clarity to the market.
In June the regulator announced that 3 crypto exchanges were granted conditional approval. Subsequently, Luno became the first in Malaysia granted full approval by Securities Commission Malaysia to operate a crypto exchange.
Source from Fintech News