The SC has now issued another statement to address a number of questions relating to the implementation of the 2019 Order of Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token).
According to the regulator, the digital asset platform operators have been invited and engaged and arrangements have been implemented to facilitate operation of these platforms. These operators are also to be granted a grace period until 1 March 2019. These crypto-exchanges may not accept new investors during this period and are permitted only with the written instructions of an investor to facilitate withdrawal or transfer of customer assets.
It is advised to contact the SC before 25 January 2019 for existing platform operators who have failed or failed to engage with the SC on 17 January 2019. If that is not done, the SC will consider that they operate a market in violation of securities legislation that could lead to RM 10 million being punished or imprisoned for 10 years.
In its announcement the SC included initial coin offerings (ICOs); nobody can initially conduct an ICO without the permission of the SC. The regulator also confirmed that by the end of first quarter of 2019 the ICO guidelines are to be issued. To this end, the SC has ordered permanent ICOs to end all activities and to return to investors all the money or assets they have raised.
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