About two weeks ago, the government of Malaysia announced new regulations on cryptocurrencies. Among the key points:
- Cryptocurrencies are now classified as securities; depending how they are used.
- Initial Coin Offerings (ICO) are now illegal.
Existing ICOs raising fiat funds (e.g. MYR) must refund all money to investors and cease operations pending new guidelines to be released soon. - Cryptocurrency exchanges wanting to operate in Malaysia must comply with new guidelines by a specific deadline. Otherwise, they will also be deemed illegal and must cease operations.
Since the new government has demonstrated a more active role in understanding the cryptocurrency and blockchain space (plus I do believe they too want to foster more creativity and innovation in this space within Malaysia), I wrote in to the Securities Commission to request a visit and introduce EMPOWER to them for the first time.
So, we met last Friday and I'm pleased to say the meeting went OK.
Green light, no green light?
Neither.
I believe this is the best outcome.
It would be unrealistic to expect an open endorsement from them.
After all, we are just a startup.
We explained:
- We are neither doing an ICO nor running an exchange.
- What our project is and why it must exist.
- What our activities for the next two years will be like and what to expect from us.
As a result, they said:
- No issues for now.
- We must inform them the moment the cryptocurrency gets listed or traded on an exchange. If the exchange is local, it must be licensed and in compliance with the new regulations.
- We must also seek advice from the Central Bank of Malaysia and inform them of our project and activities.
Cool.
I estimate we have a two years window to develop and materialise our project before it becomes "worthy" of their interest or attention again. They are busy clamping down on dodgy projects, exchanges and get-rich-quick schemes as it is. I am thankful that they (Securities Commission) took the time to meet with us.
Meanwhile, I remind myself a journey of a thousand miles begins with a single step.
This is just another small one. 😏
Hi, my name is Jason aka @buzz.lightyear. I envision a future where renewable energy is our main source of electricity in this lifetime; reducing the largest contributor of carbon emissions by 90% and bringing our global temperatures back to its natural balance.
I believe that this is no easy task but it is achievable with your support.
I am developing EMPOWER, the first cryptocurrency and open blockchain that incentivises producers and consumers who support renewable energy production. I'm looking for people who share this vision so that we can create a future where it just makes sense to go 100% renewable, visit your local store, buy some latest tech and generate energy for your own use and for others.