‘Regulation of digital assets must not be lopsided’

PETALING JAYA: Country Heights Holdings Bhd executive chairman Tan Sri Lee Kim Yew, who welcomes the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019, said that the regulation must not be lopsided.

“I hope that the regulation will not be lopsided and merely oriented to financial services, and will not limit the development of Blockchain technology especially on utility-based tokens,” he said in a statement today.

“As an entrepreneur, we will be anxiously waiting for the framework and will compare it against those which have been previously issued in Malta, , Hong Kong and the US,” he added.

Lee said Country Heights is waiting for the regulatory framework to be issued by the Securities Commission (SC) before progressing with its plans to issue an asset-backed cryptocurrency called Horse Currency.

The SC is expected to issue the regulatory framework at the end of March after Finance Minister Lim announced that digital assets are now under the SC’s purview.

“My dream and deepest hope is that Malaysian entrepreneurs can have access to capital without paying high interest, and instead use a profit-sharing model. With this regulatory framework, this dream will be one step closer,” said Lee.

He said all entrepreneurs should be able to benefit from the era of shared economy by using blockchain technology and tokenisation.

The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 was signed and gazetted by Finance Minister Lim Guan Eng. The Order came into force today.

Source: The Sun Daily

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