A framework for ICOs, originally expected by the end of Q1, is now under review by relevant stakeholders, according to deputy finance minister Datuk Amiruddin Hamzah.
Malaysia’s SC (Securities Commission) is expected to finalise its regulatory requirements for the issuance of ICOs by year-end, reported local media.
A monitoring framework on the trading of digital assets through ICOs has already been drafted by the SC and is now under review by relevant stakeholders, according to deputy finance minister Datuk Amiruddin Hamzah.
In January, ICO issuers were required to cease all ongoing activities and return all monies or digital assets collected from investors until new guidelines were in place. At the time, this was expected by the end of Q1 2019.
In March, the SC issued a consultation paper on the ICO framework, proposing that third parties would be used to assess issuers according to certain criteria, including safeguards for shareholders and token holders, AML and related party transaction monitoring, and cyber risk management.
The framework had specified a minimum paid-up capital of MYR 500,000 (USD 121,000) for ICO issuers, which must be controlled by Malaysian…
