Dear valued customer,
During the Malaysia Budget 2019 speech, Malaysia Minister of Finance, YB Tuan Lim Guan Eng stated that Securities Commission Malaysia will be coming up with a regulatory framework for cryptocurrencies, and it will be gazetted in 2019. The statement also indicates that the regulator also acknowledges ICOs as one the methods to broaden retail participation and could potentially stimulate more innovative market-based financing options
We refer to the Capital Markets and Services ( Prescription of Securities ) ( Digital Currency and Digital Token ) Order 2019 (PO) which came into force on 15th January 2019. With the coming into force of the PO, both digital currencies and digital tokens ( collectively referred to as “digital assets” ) are prescribed as securities for purposes of securities laws.
In statement issued Securities Commission Malaysia (SC) confirms that they are indeed developing a regulatory framework for both ICOs and digital asset exchanges which will come into effect in the 1st quarter of 2019. As such, the operation of any platform which facilitates the trading of any digital assets will require authorization from SC and compliance with the relevance guidelines issued under the security law.
Due to the above statement, BITPoint Malaysia has decided to Suspend the following services effective immediately :
1) New Account Registration suspension
2) Fiat Deposit suspension
3) Digital Currency Deposit suspension
We are in the midst of applying for digital asset exchange platform license. We will keep you updated on our progress as we have many plans for in the future .We appreciate your continuous support and we apologize for any inconvenience caused.