Malaysian Watchdog Plans to Extend Crypto Regulations to Wallet Providers

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 "compliment" 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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