“ICO issuers and digital asset exchanges which are involved in the issuance or dealing of digital assets with a payment function will need to comply with relevant BNM laws and regulations relating to payments and currency matters,” SC and BNM said in a joint media statement released today.
In addition, ICO issuers and digital asset exchanges are subject to SC’s Guidelines on Prevention of Money Laundering and Terrorism Financing.
BNM reiterated that digital assets were not legal tender in Malaysia. Members of the public are advised to carefully evaluate the risks associated with dealings in digital assets.
In order to implement the regulatory framework on digital assets, the SC and BNM would enter into coordination arrangements to ensure compliance with laws and regulations under the purview of both regulators, said the statement.