Banking & Finance

SC allows 22 Firms to operate Digital Asset Exchange after March 1

Date: 06 March 2019; Type: Legal News; Source: Bernama

KUALA LUMPUR, Mar 6 (Bernama) - The Securities Commission (SC) has permitted 22 companies to continue operating a digital asset exchange after March 1, 2019.

In a statement today, the capital market regulator said following the release of the amended Guidelines on Recognised Markets on Jan 31, 2019, companies which had submitted their application to be registered with the SC as a digital asset exchange would be permitted to continue operations for another transitional period from March 1, 2019, until such period as may be notified by the SC.

During this transitional period - which follows a transitional period from Jan 15 to March 1, 2019 - these platform operators will not be permitted to accept new investors and will only be allowed to facilitate the withdrawal or transfer of client assets with the written instruction of the investor.

“Companies which did not submit their application to the SC by March 1, 2019, are required to take necessary steps to cease their business and return all clients’ assets by March 15, 2019,” the SC said.

SC said the public should take note that the notice did not constitute its approval, authorisation or endorsement of any digital asset platform operators or any digital assets traded on the platforms.

It said the lists of companies permitted and not permitted to continue operations would be updated regularly and members of the public were encouraged to refer to them when dealing with digital asset exchanges.

The lists can be found at: https://www.sc.com.my/regulation/guidelines/recognizedmarkets/list-of-digital-asset-exchanges-in-transitional-period

The updates were made following the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 that took effect on Jan 15, 2019.

MY Bernama

Asean LIP works with Bernama to bring you the latest Malaysian legal news. Bernama is the national news agency of Malaysia. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or Bernama. Neither the Publishers nor Bernama will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and Bernama also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

Get ASEAN LAW ALERT

Legal updates by e-mail. It's Free.

INDUSTRY UPDATES

New Regulation to be a Boon for Labuan Economy

LABUAN, Mar 25 (Bernama) - Labuan Business Activity Tax (Requirements for Labuan Business Activity) Regulations 2018, which requires a Labuan entity to have adequate full-time employees on the island as well as adequate amount of operating expenditure, will be a boon for the Labuan economy.

Read More

INDUSTRY UPDATES

Chief Justice wants Bar cooperation to address Negative Perception of Judiciary

KUALA LUMPUR, Mar 22 (Bernama) - Chief Justice Tan Sri Richard Malanjum has called on the Malaysian Bar to work with the judiciary to shed the negative perception of the public towards the judicial system.

Read More

INDUSTRY UPDATES

Pharmacists urge Government to review Poisons Act 1952

PETALING JAYA, Mar 24 (Bernama) - The Malaysian Community Pharmacy Guild (MCPG) is calling on the government to review the Poisons Act 1952 to ensure the pharmaceutical industry is in sync with innovations in technology.

Read More

INDUSTRY UPDATES

MCMC advises Facebook, Instagram Users to change Passwords

KUALA LUMPUR, Mar 24 (Bernama) - The Malaysian Communications and Multimedia Commission (MCMC) has advised Facebook and Instagram users to change their passwords if they have been informed that their passwords are in the format which can be read by Facebook employees.

Read More

INDUSTRY UPDATES

Malanjum keeping Mum about his Successor

KUALA LUMPUR, Mar 20 (Bernama) - Chief Justice Tan Sri Richard Malanjum, who is due for compulsory retirement in April only smiled broadly and chose to remain secretive when asked about his successor.

Read More

INDUSTRY UPDATES

MP Noh Omar expelled from Dewan Rakyat for Three Days

KUALA LUMPUR, Mar 19 (Bernama) - Tanjung Karang MP Tan Sri Noh Omar has been expelled from the Dewan Rakyat for three days from today.

Read More

INDUSTRY UPDATES

Selangor wants tougher Environmental Laws

SHAH ALAM, Mar 17 (Bernama) - The Selangor government wants to enforce more stringent laws to address issues related to environmental pollution in the state, said Menteri Besar Amirudin Shari.

Read More

INDUSTRY UPDATES

Rosmah's Graft Case transferred to High Court

KUALA LUMPUR, Mar 15 (Bernama) - The High Court here today allowed the prosecution's application to transfer from the Sessions Court to the High Court the case involving two graft charges filed against Datin Seri Rosmah Mansor, who is the wife of former Prime Minister Datuk Seri Najib Tun Razak.

Read More

INDUSTRY UPDATES

SC to facilitate Greater Investor Inclusiveness

KUALA LUMPUR, March 14 (Bernama) - Opening local corporate bonds and sukuk to retail investors who meet the requirements set are among the steps taken by the Securities Commission Malaysia (SC) to promote investors inclusiveness in the local market.

Read More

INDUSTRY UPDATES

SC aims Further Expansion of Islamic Capital Market, says Chairman

KUALA LUMPUR, March 14 (Bernama) - The Securities Commission (SC), the regulatory body of the capital market, aim to foster growth that is premised on long-term value creation by intensifying efforts to further expand the Islamic capital market as well as the closely-linked sustainable finance segment.

Read More

INDUSTRY UPDATES

CJ seeks to remove Parts of Hamid Sultan's Affidavit

KUALA LUMPUR, Mar 13 (Bernama) - Chief Justice Tan Sri Richard Malanjum today filed an application to remove parts of the supporting affidavit filed Court of Appeal Judge Datuk Dr Hamid Sultan Abu Backer in the lawsuit by the late Karpal Singh’s daughter, claiming that it was outrageous, insulting and an attack to the Judiciary.

Read More

INDUSTRY UPDATES

Up to PM to shortlist Candidates for CJ's Post - Liew

KUALA LUMPUR, Mar 12 (Bernama) - The Law Minister in the Prime Minister’s Department Datuk Liew Vui Keong today said that he has no information about the candidates shortlisted to be appointed as the new Chief Justice to replace Tan Sri Richard Malanjum who will retire from the post next month.

Read More

INDUSTRY UPDATES

Sabah helps Children without Documents through Legalization Program

KOTA KINABALU, Mar 12 (Bernama) - Children born in Sabah and categorised as foreigners even though one of their parents were local residents, will be given aid through a legalisation programme which will ensure a better future for them.

Read More

INDUSTRY UPDATES

National Income Tax still Competitive

KUALA LUMPUR, March 11(Bernama) - The income tax in this country is still competitive compared to other nations.

Read More

INDUSTRY UPDATES

Najib seeks Court Directive on gag Order against Media, Public

PUTRAJAYA, Mar 11 (Bernama) - Datuk Seri Najib Tun Razak wants a court directive to inform members of the public and media on what can and cannot be discussed and published pertaining to his criminal case involving SRC International Sdn Bhd funds, the Court of Appeal heard.

Read More