The Securities Commission of Malaysia plans to regulate crypto-currencies

The organization of malaysia for the regulation and supervision of securities has revealed plans to regulate the trade of crypto-currencies in the country. In a speech to the conference SCxSC Digital Finance in Kuala Lumpur, malaysia, Ranjit Ajit Sngh, chairman of the Securities Commission highlighted the progress made in the promotion and the development of technologies for the financial hard to the digital markets.

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The Securities Commission calls for a widespread adoption

Ranjit added that the regulatory authority keeps an eye on the markets of crypto-currency by ” reviewing the regulations and relevant guidelines to facilitate the use cases, functional and effective digital assets on the capital market. “In fact, the level of interest and demand for the crypto-currency are on the rise. It is therefore important for regulators to recognize and adopt this trend. It was also during this speech that this manager has revealed that the Securities Commission was reviewing models adopted by other regulatory authorities in other countries, before choosing which path to follow.

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The central bank to the rescue

Ranjit has also confirmed that the Securities Commission is working with Bank Negara Malaysia (BNM), the country’s central bank, to develop and install the regulatory framework in the coming months. “With the WDL, we will carefully examine the area to apply the right framework. The Securities Commission is in charge of secondary markets, therefore, our role in the trading of crypto-currency is to develop regulations to ensure market integrity and protect investors. The passage to the regulations will be a relief for the traders of crypto-currency of the country, both at the commercial level, institutional. Especially after the central bank refused to exclude a general prohibition of crypto-currencies there are less than a month.

Source : Cryptocoinsnews