Securities Commission Malaysia Has Finally Open Its Door To Licensing For Independent Digital Asset Custodian

30 Oct 2020 — Securities Commission Malaysia (SC) has finally open its door to accept licensing for independent digital asset custodian.

With digital asset market continues to grow, there is an increasing demand for secure and regulated custody services. The recent revision of SC’s guidelines on digital assets effective on 28 Oct, to regulate initial exchange offerings (IEO) and digital asset custodians (DAC) is to be applauded as safeguarding of these assets begins to take on greater priority in maintaining the growth and adoption of #digitalassets.

The revised guidelines would facilitate its objectives in promoting responsible innovation in the digital asset space, managing emerging risks and safeguarding the interests of issuers and investors.

The issuance of these revised guidelines covers rules for companies wishing to provide custody services for digital assets as well as adds a requirement for IEO platforms to conduct due diligence on the issuer in complying with local guidelines on preventing money laundering and the funding of terrorism.

Interested parties who wish to register as an IEO platform operator or DAC can start submitting their applications to the SC.

More info:

#Propine #digitalcustody

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