MP Calls For Creating Crypto Laws On Elections In Malaysia
A member of the ruling party in Malaysia appealed to the authorities to form a legislative framework for cryptocurrencies before implementing the blockchain project Harapan Coin (HRP), according to The Star.
The startup is looking to launch the world's first-ever platform for financing political campaigns based on blockchain and cryptos. The project was founded by a group of patriotic Malaysians who primarily raise funds to support the opposition party in future elections.
The creators of Harapan Coin are confident that one day the token can become an official coin of the state. Now the startup is holding an ICO in order to attract $120 million. The funds will be used to fight corruption, loot of the budget and other problems the country faces during political campaigns.
The ruling party representative, Fahmi Fadzil, believes that the parliament should not hurry with adoption of the blockchain solution. He suggests to wait for instructions from the country's central bank, in which the regulator will interpret issues regarding the use of cryptocurrencies for campaigns. Fadzil added that the anonymity of digital assets can create a row of problems for the state.
Harapan Coin was co-founded by the Minister of Federal Territories, Khalid Abdul Samad, who actively lobbied the project in the parliament. However, former Malaysian Prime Minister Datuk Seri Najib Razak questioned the legitimacy of the crypto platform, calling it a "HRP scheme" and demanded to reveal other startup founders.
In early 2018, the Malaysian authorities issued laws that require to disclose traders’ identity and participants of crypto transactions. In such a way politicians counteract money laundering and terrorism funding.
Previously, Thai authorities urged traders to avoid exchanges without license.