Malaysia SC to Engage with Digital Asset Wallet Providers

Digital asset wallet providers are asked to contact the SC for an engagement on their business operations and to provide feedback on a regulatory framework for such providers.

Malaysia’s SC (Securities Commission) is seeking industry feedback on a regulatory framework for digital asset wallet providers.

“Digital asset wallet providers are persons who provide custody or storage services on behalf of digital asset owners,” the SC says. “Such providers play an important role within the ecosystem in safeguarding the digital assets of the client.”

The framework is designed to complement the existing frameworks for digital asset exchanges and initial exchange offerings (IEOs), the SC says.

Existing digital asset wallet providers and interested persons are asked to contact the SC for an engagement on their current business operations, and/or to provide any feedback on the framework for digital asset wallet providers.

“Existing providers and interested persons should contact the SC to arrange for an engagement session not later than 14 August 202,” the SC said.

Contact [email protected] for details.

Once finalised, the regulatory framework for digital asset wallet providers will be included as part of the SC’s guidelines on digital assets, which will enter into force in the second half of 2020.

During the first phase of the implementation, the SC will work with platform operators in assessing eligible issuers of digital tokens.