Regulation of Cryptocurrencies - Good vs GOD?
Dear Crypto enthusiatics,
As you all know, the price of bitcoin moved from a high of Usd20K at the Dec 17, 2018 to a low of USD 3200 at the end of 2018.
All prices of alternative coins or tokens will follow the price trend of Bitcoin. Remember no coin or tokan can be better than Bitcoin. If Bitcoin fails, so is all alternative coins.
As I mentioned before in my previous article that Net tangible asset for Bitcoin or any digital currencies or tokens are ZERO.
All assigned values for digital assets are highly speculative and fluctuation is very wide ranging from as low as 0 to as high as millions.
Regulators from all over the world are concerned about sustainability and reliability of cryptocurrencies space.
Regulation for this space is necessary!!!
Malaysia is the first country in SEA to prescribe digital assets as securities.
Based on the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order which come into force as of 15 January 2019, digital currencies and digital tokens as defined in this order are prescribed as securities and will be regulated by Securities Commission Malaysia(SC).
The offering of such instruments as well as its associated activities will require Securities approval and need to comply with relevant securities laws and regulations.
This is good news as the Ministry of Finance of Malaysia views digital assets as well as underlying blockchain technologies have the potential to bring about innovation in their own fields. Digital assets can have a role to play as an alternative fund raising avenues for entrepreneurs and new business and an alternative new asset class for investor.
The Securities Commission will put in place the relevant regulatory requirements for issuance of initial coin offerings and trading of digital asset exchanges in Malaysia. This framework is expected to be launched by end of Q1 2019.
At the mean time, all exchanges operating Malaysia are expected to stop as the penalty for violating the Order is quite punitive. Anyone offering an ICO or operating a digital asset exchange without securities commission's approval may be punished on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10million.
Hopefully with this framework, more and more regulation will be in place in many countries. We would expect the investors would feel more confident in investing in the new digital assets and their investment will be protected.
Thank you.
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