Malaysian Watchdog Plans to Extend Crypto Regulations to Wallet Providers
www.coindesk.com 2020-07-27 09:00
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Malaysia’s Securities Commission (SC) is planning a regulatory framework for wallet providers that will be built into its existing cryptocurrency legislation.
- In an announcement Thursday, the SC said it was looking to "compliment" its existing frameworks for digital asset exchanges and initial exchange offerings with the inclusion of wallet providers.
- While the commission offered no details of how the new framework might look, such entities play an important role in safeguarding of digital assets on behalf of clients, it said.
- Digital asset wallet providers or anyone with an interest are encouraged to contact the commission to discuss their current business operations or to provide feedback on the framework.
- The SC said such parties should arrange for a meeting before Aug. 14, 2020.
- After the cut-off date, the regulatory framework governing wallet providers will be added to the country's Guidelines on Digital Assets.
- The regulator recently added Binance and eToro to a list of companies not authorized to operate within the country, saying the two firms did not comply with its securities laws.
See also: Singapore Begins Crackdown on Unlicensed Bitcoin Sellers