Rules for cryptocurrency exchanges, ICO in force by Q1 of 2019, says Guan Eng – Business…

KUALA LUMPUR: The regulations for digital asset or cryptocurrency exchanges and initial coin offerings (ICOs) will come into force by first quarter of 2019, says Finance Minister Lim Guan Eng.

He said on Wednesday the Securities Commission (SC) had given him an update that the regulations would be part of the SC’s efforts to facilitate alternative fundraising avenues and new investment asset classes. 

“While some parties might still be sceptical of this space, there can be no doubt that we need appropriate regulations to be put in place and enforced to safeguard the interest of investors,” he said, when delivering the keynote address at the FinTech Conference 2018 organised by the SC.

He also reiterated his statement in Parliament that interested parties must work within the framework set up by Bank Negara Malaysia and the SC.

“Both Bank Negara and the SC, in terms of formulating this framework will be under the auspices of the Finance Ministry. The Finance Ministry will lead…