The Securities Commission Malaysia (SC) requests public comments on a proposal which would allow the exchanges of cryptocurrency to list certain digital assets without first obtaining the explicit approval of the regulator.
According to a Monday announcementThe regulator plans to liberalize the listed framework certain digital assets on exchanges. Under the proposed rulesDigital assets meeting specific criteria could be listed without explicit approval.
“This aims to accelerate the marketing time, increase the operator’s responsibility (crypto exchange) and expand product offers,” said the ad.
The new rules would hold the responsible exchange of its decision to list a specific asset. The digital assets listed must have undergone security audits with results accessible to the public, and they must have been negotiated for at least one year on a financial action platform in accordance with the work forces.
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What assets can be approved?
SC also seeks a contribution to industry on the question of whether certain types of assets, which it considers a higher risk, should be authorized for trading. These include parts of confidentiality such as Monero (XMR), which have increased intimacy in their design:
“The lack of transparency aspects in certain digital assets arouses people involved in illegal driving, which can lead to an increased risk of money laundering and terrorism financing.”
The other assets on which the regulator seeks comments are those “intended to follow internet trends or popular culture”, more commonly known as the same. In this case, the problem is increased volatility.
The regulator is also looking for comments on assets with low market demand, such as “emerging utility tokens”, due to their higher risk.
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Tightened governance and guard rules
The SC also proposed a reshuffle of the requirements for the security and governance of customer assets. Digital exchange operators would be subject to stricter rules, including requirements for the segregation of user assets.
Crypto exchanges should also meet new minimum financial criteria, including policies and procedures to mitigate the risk of loss or abusive user funds and to facilitate reimbursement in the event of insolvency. Under the new rules, these institutions would also be required to identify a member of the management residing in Malaysia to be responsible for the portfolio administration:
“This would be linked to the attenuation of the risk of loss or abusive use of customer assets and to facilitate the movement of digital assets.”
Finally, the exchanges of Crypto that have user assets would be required to register as digital asset guards or to hire a registered goalkeeper with SC to provide his services.
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