The new bill cannot be called soft: cryptocurrencies and tokens issued during the ICO are equated to securities, which gives their issuers the obligation to follow the relevant laws. All cryptocurrency companies will need to obtain a license to operate in the country.
The government is also committed to fighting fraudsters. Organizers of cryptocurrency companies operating without a license are punished with 10 years imprisonment or a fine of $ 2.5 million. The norm applies to both ICO projects and stock exchanges.
The bill is still raw, and the government understands this. The country’s finance minister, Lim Guan Eng, said that by the end of 2019 the law would be finalized and a necessary regulatory field would be formed around it.
The new law says that the authorities are interested in the development of the digital currency sector in the region, but they are afraid of the potential damage that companies may cause. Whether their bill is a compromise solution, able to keep up with two hares, time will tell, but for now it remains to watch how cryptocurrency companies can work and develop in such conditions.
Recall that the plans of Malaysia to regulate cryptocurrency became known in November 2017. Thus, the authorities took more than a year to prepare the bill.