Malaysia’s Finance Minister: all cryptocurrency must come from the Central Bank

November 27, 2018
Darya Karatkevich

According to the official statement from Malaysia’s Finance Minister, Lim Guan Eng, everyone who’s planning to issue or develop any cryptocurrency assets, must first refer to the country’s central bank, Malaysia’s Bank Negara (BNM). This announcement made by the top government official notably comes during the launch of the first Malaysian government-backed cryptocurrency, Harapan Coin, which is set to be presented before the Central bank in the nearest future.

malaysia cryptocurrency

The Harapan Coin claims to be the world’s first political fundraising solution deploying both cryptocurrency and blockchain. Due to its upcoming release, Malaysian parliament urged the government to draft the cryptocurrency regulations before making the coin available for the public to use.

Initially, the corresponding regulatory directives were scheduled to be issued back in early 2018, following several months of preparations. Guan Eng explained that the delay has been caused by the continuous studies of the cryptocurrency market and its long-term effects on the state’s economy, whether good or bad. However, according to the minister, if at this particular point of time any Malaysian citizens would like to get involved with any type of cryptocurrency, their best and only way to do it is to “refer to the central bank for regulations” first, as this is “the authority that will issue any final decisions on this subject.” At the same time, the finance minister emphasized that Malaysian government is not planning to “obstruct” the development of the emerging cryptocurrency industry in any way, but is looking to strictly regulate it, and therefore is not advising anyone “to try to do something without guidelines from Bank Negara and commit something against the law.”

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020