Malaysian Finance Ministry: Cryptocurrency Adoption Remains Low

CoinTelegraph

Malaysia’s finance ministry says both domestic and global adoption rates of cryptocurrencies are low, notwithstanding the significant attention the disruptive sector has garnered.

In its Economic Outlook 2020 report released today, the ministry nonetheless noted that several prominent firms in key economic sectors had taken steps toward digital currency adoption, according to a business news report from Bernarama on Oct. 11.

Malaysia’s crypto regulatory landscape to date

“Although the impact of these projects has yet to be felt more widely, digital assets may well emerge as a part of the wider economy or recede into the background as a novelty, depending on the outcome of its usage,” the report is quoted as stating.

Binance Banner  

The ministry has urged global authorities to formulate frameworks to tackle the issues raised by digital assets, noting that close monitoring of the sector’s development is essential.

The report took stock of domestic financial regulators’ work thus far, including Bank Negara Malaysia‘s amendment to  Anti-Money Laundering and Countering the Financing of Terrorism regulations in February 2018 to include requirements for digital asset service providers.

In January 2019, Malaysia’s Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 came into effect to regulate both digital assets and exchange platforms.

The Order determines that any digital assets offered as a form of investment or used as a method of fundraising are classified as securities in the country.

Coinbase Banner  

Meanwhile, the Securities Commission Malaysia (SC) updated its Guidelines on Recognised Markets to include regulatory requirements for digital asset exchanges (DAX), registering three DAX operators within its scope in May 2019.

As of May, DAX operators were given nine months to become fully compliant and operational and are now the only venues deemed legitimate by the regulator to offer digital asset trading in Malaysia.

The ministry’s report also noted the Securities Commission’s initial coin offerings public consultation paper and its intentions to introduce formal guidelines in the near future.

Significant domestic blockchain pilots 

As regulatory provisions evolve, the report referred to noteworthy domestic experiments and pilot projects on the implementation of blockchain technologies within the wider economy. 

FreeBitcoin Banner  

These span the Securities Commission’s Project Castor for unlisted and over-the-counter markets; Bank Negara Malaysia‘s blockchain-powered trade finance applications together with nine banking partners; the Ministry of Education’s initiative to use blockchain for the issuance of qualifications, as well as as the basis of a higher education consortium and Bursa Malaysia’s pilot blockchain project for securities borrowing and lending.

In June, Cointelegraph reported that Malaysia had launched a work visa program targeting tech freelancers in order to address the demand for blockchain talent.

Go to Source
Author: Marie Huillet


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.