The Star, local media in Malaysia reported that the government is going the draft the regulations for Cryptocurrency and ICO (Initial Coin Offerings) in early 2019. In the news, the media reported that Lim Guan Eng, the finance minister of Malaysia was updated by the Securities Commission of the country about the same.
Unlike largely populated countries like China and India who completely banned cryptocurrencies, Malaysia has taken a great step in regulating digital assets rather than straight away putting a stop on it as the government believes in the adoption of new technologies such as bitcoin.
Lim Guan Eng also adviced all companies and parties that wish to introduce their own cryptocurrencies such as bitcoin in the form of initial coin offerings to consult country’s central bank: Bank Negara Malaysia which will be responsible for the decision on the financial mechanism.
Malaysia has been adopting the blockchain technology lately in many industries including the setting up of a university degree verification system on the blockchain.
Malaysia also has plans to introduce their own government-backed cryptocurrency which was stated to be put on hold at the moment before the regulations are drafted early next year.
Despite the cryptocurrency market crash, the adoption of bitcoin and blockchain technology seems to be rising rapidly throughout the world. India, which earlier banned cryptocurrencies this year has stated that their government is working on drafting the regulation for bitcoin and cryptocurrencies which will be out early next year. With the upcoming Bakkt exchange and ETF approvals, and a lot more upcoming in the cryptocurrency market there is a huge scope for bitcoin and other prominent cryptocurrencies to rise massively in 2019.
