With 15 January in Malaysia comes into force the law on cryptocurrency and digital tokens, according to local newspaper The Star.
A notable feature of the law is that for holding unregistered primary offerings of coins (ICO) the organizers will face 10 years in prison or a fine in the amount of 10 million Malaysian ringgit (almost $2.5 million). This rule also applies to unregistered organizers of cryptocurrency exchanges.
It is also noteworthy that cryptocurrencies and digital tokens are equal to the securities. Accordingly, the authority to regulate the industry is borne by the local securities Commission.
The Minister of Finance of Malaysia lim Guan eng noted that accompanying this law will be ready before the end of the first quarter of this year.
We will remind, last year in Malaysia was blocked by the British cryptocurrency company Luno.