Local English news outlet The Star reported that Malaysia will enact regulations for cryptocurrency and initial coin offerings (ICO).
The publications cited Lim Guan Eng, the finance minister who claimed that the country’s regulator, the Securities Commission (SC), had updated him with a period for the new rules.
The initiative will form “part of the SC’s efforts to facilitate alternative fundraising avenues and new investment asset classes,” the Star included.
Malaysia has ten a piecemeal path to regulations of its domestic cryptocurrency industry, starting the procedure in late 2017.
Officials have sought to regulate the sector, for now, Lim telling parliament that entities wanting to issue cryptocurrencies should talk to the country’s central bank, Bank Negara Malaysia.
Cointelegraph reported him saying that: “I advise all parties wishing to introduce Bitcoin (style) cryptocurrency to refer first to Bank Negara Malaysia as it is the authority that will issue the decision on financial mechanism.”
A Malaysian politician had also suggested putting on hold approval for a government-backed cryptocurrency issuance project until the regulations came into place.
Malaysia has sought to foster its relationship with blockchain this year.