Malaysia to introduce new crypto regulations in early 2019, expects the digital economy to form 20% of GDP
Malaysian Finance Minister, Lim Guan Eng, has announced that a variety of new regulations on crypto exchanges and initial coin offerings (ICOs) would be established in early 2019.
At the FinTech conference in Kuala Lumpur, Eng explained that a comprehensive framework will be implemented in order to accelerate the growth of new investments in the industry. According to Eng, this new system developed by Malaysia’s central bank, Bank Negara Malaysia, and Malaysia’s Securities Commission (SC) would “safeguard the interest of investors.” It will also require new ICO’s to consult with Bank Negara first before putting any cryptocurrencies on the market.
In the past Eng has expressed Malaysia’s growing interest in the digital economy stating,
“When you talk about the digital economy, it is all about data…”
Malaysia’s government expects the digital economy to form 20% of Malaysia’s gross domestic product (GDP) by 2020. Among the benefits of the proposed new legislation Eng emphasized development of secured investment opportunities, possible with the help of a close monitoring of cryptocurrency regulations by the central bank.