Malaysia’s Securities Commission (SC) is planning a regulatory framework for wallet providers that will be built into its existing cryptocurrency legislation.
- In an announcement Thursday, the SC said it was looking to "complement" its existing frameworks for digital asset exchanges and initial exchange offerings with the inclusion of wallet providers.
- While the commission offered no details of how the new framework might look, such entities play an important role in safeguarding of digital assets on behalf of clients, it said.
- Digital asset wallet providers or anyone with an interest are encouraged to contact the commission to discuss their current business operations or to provide feedback on the framework.
- The SC said such parties should arrange for a meeting before Aug. 14, 2020.
- After the cut-off date, the regulatory framework governing wallet providers will be added to the country's Guidelines on Digital Assets.
- The regulator recently added Binance and eToro to a list of companies not authorized to operate within the country, saying the two firms did not comply with its securities laws.