KUALA LUMPUR, Jan 14 — Those dealing in digital assets will be required to put in place anti-money laundering and counter-terrorism financing rules, cyber security and business continuity measures as per Securities Commission’s (SC) latest guidelines.
The SC in a statement today said the guidelines will among others, establish criteria for determining fit and properness of issuers and exchange operators, disclosure standards and best practices in price discovery, trading rules and client asset protection.
These regulations are in line with Finance Minister Lim Guan Eng’s earlier statement where he said digital assets will be regulated by the SC when the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 is enforced tomorrow.
“With the coming into force of the Prescription Order, the offering of digital assets, as well as its associated activities, will require authorisation from the SC and compliance with relevant securities laws and regulations,” the statement from SC said.
“The SC and BNM will enter into coordination arrangements to ensure compliance under the purview of both regulators.”
The framework is expected to be launched by the end of the first quarter of 2019.