Malaysia - Rules For Cryptocurrency Exchanges, Initial Coin Offerings (ICOs) To Be In Force By Q1 Of 2019.
Legal News & Analysis - Asia Pacific - Malaysia - Regulatory & Compliance - Banking & Finance
30 November, 2018
The regulations for digital asset or cryptocurrency exchanges and ICOs will come into force by the first quarter of 2019. Minister of Finance, Lim Guan Eng, announced this when delivering the keynote address at the Fintech Conference 2018 organised by the Securities Commission Malaysia on 28 November 2018.
He said: “While some parties might still be skeptical of this space, there can be no doubt that we need appropriate regulations to be put in place and enforced to safeguard the interest of investors. … Both Bank Negara and the SC, in terms of formulating this framework will be under the auspices of the Finance Ministry. The Finance Ministry will lead the committee comprising of Bank Negara, the SC, and the MOF itself”.
Institute of Corporate Directors Malaysia launched to enhance board effectiveness
The Institute of Corporate Directors Malaysia (ICDM), a dedicated body established by the Securities Commission Malaysia (SCM) to enhance the professionalism and effectiveness of corporate directors in Malaysia, was launched on 1 October 2018 by the Minister of Finance Lim Guan Eng. Formed by directors for the benefit of directors, ICDM’s main objectives are to promote excellence, integrity and the highest levels of skills and professional competence among corporate directors in Malaysia; represent the interests of its members; and advocate the adoption and application of corporate governance practices.
Under the leadership of its inaugural board led by Tan Sri Zarinah Anwar and a professional management team, ICDM will focus on building a sustainable pipeline of directors through education programmes that equip directors with essential skills to serve on listed boards. ICDM also maintains a directors’ registry to provide director-sourcing services to companies so that succession planning is competency-based.
The establishment of ICDM was spearheaded by the SCM as part of its Corporate Governance Strategic Priorities (2017-2020), and is also supported by Bank Negara Malaysia and Bursa Malaysia.
(See the SCM’s media release/statement: www.sc.com.my/post_archive/institute-of-corporate-directors-malaysia-launched-to-enhance-board-effectiveness/)
For further information, please contact:
Cheryl Liew Xin Yi, Shearn Delamore & Co