Cryptocurrency framework in the works — Commission
KUALA LUMPUR: The Securities Commission (SC) is currently working on a cryptocurrency framework and hopes to launch it in the next few months.
Chairman Tan Sri Ranjit Ajit Singh said the SC was working closely with Bank Negara Malaysia on it and would look at this area carefully to see the right framework that would be applied.
“There are different positions being taken by different regulators around the world with regards to trading in cryptocurrencies and we want to make sure that we have considered those developments,” he told a press conference at the SCxSC Digital Finance Conference 2017 yesterday.
He said the SC noted the growing interests of local investors in trading cryptocurrencies and digital assets.
“Therefore, the SC will review relevant regulations and guidelines to facilitate functional and effective use in cases of digital assets in the capital market, including secondary market trading of established crypto currency and digital assets,” he said.
Ranjit said several exchanges, which were currently operating in the space of cryptocurrency trading, came to talk to the SC and once the framework was launched, the commission would be in the position to see which of those were registered.
On the Bond+Sukuk information Exchange (BIX) which was launched yesterday, he said the platform would be a public utility and a cornerstone component of the overall bond and sukuk market infrastructure.
“It is the first of its kind to consolidate bond and sukuk price and credit information combined with an advanced search function and other useful tools to help investors making effective investment decisions.
“In parallel, the SC will liberalise its rules to enable greater retail access in the corporate bond and sukuk market by the first quarter of 2018, which involves reviewing the primary market issuance processes and disclosure requirements, as well as expanding the range of corporate bonds and sukuk offered to retail investors,” he said.
The two-day conference is themed ‘Democratising Investments’. It is organised by the SC and attended by over 1,500 participants. — Bernama