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Crypto Launch Should Be Approved By Regulator — MoF of Malaysia

13:00 27/11/2018

Lim Guan Eng, Malaysian Finance Minister, stated that all cryptocurrencies created in the country should be approved by Bank Negara, the central bank, before being presented to the public, the New Straits Times reports.

 

While answering journalists' questions during another parliamentary press conference, the Minister advised all parties interested in issuing cryptos to contact Bank Negara since this organization determines the funding mechanisms.

Malaysia is still open to the crypto sphere and it seems that the authorities are trying to protect the citizens of the country from participating in fraudulent projects related to digital assets.

 

Lim Guan Eng stressed that the government has no intention to interfere with crypto activities, but members of them have to comply with existing rules. Still, the statements of the Minister of Finance do not clarify how the country will regulate any operations with cryptocurrencies with the participation of the central bank in this process.

There are no precedents of issuing permissions for the creation of any cryptocurrency by central banks in the world if this is not a government initiative. It is ironic by itself, but, since the governments of different countries are seeking to regulate the crypto sphere somehow, eventually such a development is possible.

 

As previously reported, a member of the Malaysian parliament urged to develop a legislative framework for cryptocurrencies before the implementation of the Harapan Coin (HRP) blockchain project.

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