The weather in the Malaysian market seems dim and gloomy. It’s a sad day for the digital world as the free spirited digital currency it being restricted through laws and regulations.
Yeap, it’s true and we are NOT fooling you. The Finance Minister, Lim Guan Eng, said that no trading in digital currencies will be allowed unless it is aligned with the new laws.. Anyone who does not comply, will face a ten-year jail term AND pay RM TEN million fine.
According to the new law, the assets will be controlled by the Securities Commission. He made it clear that they will have to be approved by the SC and comply with the new laws if they want to operate.
This does go against the very nature of the cryptocurrency. Cryptomarket was created so it would not be RESTRICTED by any laws of the STATE. But the opposite of this is being carried out here.
The Finance Minister said:
“The Ministry of Finance (MOF) views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries.”
Although, the Minister isn’t against cryptocurrencies, he believes that “digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses and an alternate asset class for investors.”
Hey, at least not we know we aren’t in competition with some crypto hater.
“Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM 10 million,” he said.
Not all rainbows and shine though as anyone whose ICO isn’t approved will be facing imprisonment and a fine of RM 10 million.
The laws will came in effect from yesterday so let’s see what happens next. Hoping for a positive change but my inner pessimist isn’t allowing me to do so. Crypto has suffered enough and we don’t want bad things happening again this year!
Leave crypto alone!