Banking & Finance

Government to announce Two Financial Frameworks Next Year

Date: 28 November 2018; Type: Legal News; Source: Bernama

KUALA LUMPUR, Nov 28 (Bernama) - The government will announce two key frameworks in the first quarter of 2019 regarding cryptocurrency and property crowdfunding regulations to be meted out by the Securities Commission Malaysia (SC).

Finance Minister Lim Guan Eng said the Ministry of Finance (MoF) would be the coordinating body for the SC and Bank Negara Malaysia (BNM) for the cryptocurrency framework.

“The regulations for digital assets, or cryptocurrency exchanges, and initial coin offerings will come into force by the first quarter of 2019 as part of the SC’s effort to facilitate alternative fundraising avenues and new investment asset classes.

“While some parties might still be sceptical of this space, there can be no doubt that we need appropriate regulations to be put into place and enforced to safeguard the interest of investors,” he told reporters after delivering a keynote address at the Synergistic Collaborations by SC Fintech Conference 2018 here today.

Lim said any interested parties, including the proposed Harapan Coin cryptocurrency, must work within the framework jointly set up by BNM and the SC.

“The Finance Ministry will lead the committee, comprising BNM, SC, and MoF. So, for those who are interested, please liaise with this coordinating body headed by MoF and ensure that you are in full compliance.

“While we want to encourage, we also want compliance with the law to ensure that investors know what they are getting into,” he said.

Meanwhile, Lim said the Property Crowdfunding platform framework would act as an alternative source of financing for first-time home buyers, which would the first of its kind in the world.

“The platform is a framework and another choice given by private investment companies to borrowers apart from traditional (funding) sources such as banks and financial institutions. The implementation of this new framework is still being discussed by the SC,” he said.

Meanwhile, SC Chairman Datuk Syed Zaid Albar said the commission was in the midst of amending the guidelines relating to these frameworks to ensure they would be able to accommodate the new digital requirements.

“For property crowfunding, we have completed our first draft and we will be engaging with the industry to get everybody’s view (on the draft). We will not be able to release anything now and we will move forward from there (after the consultation),” he added.

MY Bernama

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