BUSINESS

REGULATORS URGED TO DEVELOP CLEAR REGULATORY CRYPTO FRAMEWORK

10/06/2022 04:01 PM

KUALA LUMPUR, June 9 (Bernama) -- Market regulators are urged to formulate a clear regulatory cryptocurrency framework to facilitate the participation of institutions.

MX Global Sdn Bhd chief executive officer Datuk Fadzli Shah said the regulation and licensing pathway is the crux of the problem which may slow down the cryptocurrency adoption for institutions in Malaysia.

“In the Malaysian context, crypto is treated as securities (category) and naturally fall under the Securities Commission Malaysia, however, there is always an element of fiat conversion and so that falls under the central bank (Bank Negara Malaysia).

“So in jurisdictions like Malaysia when the two regulators are not aligned, corporates want a clarity about it.  As such, it will really slow down the institutional adoption tremendously,” he said during a panel session titled “Institutional Crypto Trading in ASEAN” at the Invest ASEAN 2022 Conference virtually, on Thursday.

The conference, hosted by Malayan Banking Bhd (Maybank), was held from June 8-9 in Kuala Lumpur, Singapore, Bangkok, Jakarta, Manila, and Ho Chi Minh City in a hybrid approach.

Meanwile, Talos head of Asia-Pacific Samar Sen believes that regulations will play a main role in the crypto space going forward to become a responsible ecosystem to the frontier markets.

He emphasised the importance of regulatory compliance and urged the investors to get involved in the cryptocurrency space in a safe and secure manner.

“Different regulators will legislate differently and now what I have seen overall is that different countries are moving at different paces which is a bit frustrating.

“Therefore, we need education and upskilling in all areas, whether it’s folks compliance and the leadership of the different financial institutions in cryptocurrency,” he said.

“It is a very delicate balance of allowing innovation and building the future of finance while at the same time protecting investors from bad things,” he added.

-- BERNAMA


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