Malaysian Watchdog Plans to Extend Crypto Regulations to Wallet Providers

The nation's Securities Commission is seeking feedback before finalizing new rules to be applied to digital asset wallet services.

Jul 24, 2020 at 3:54 p.m. UTC
Updated Sep 14, 2021 at 9:35 a.m. UTC

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.
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