SC to Seek Feedback on Regulatory Framework for Digital Asset Wallet Providersby Fintech News Malaysia July 23, 2020
The Securities Commission Malaysia (SC) is seeking industry feedback on the regulatory framework for digital asset wallet providers, which will complement the existing frameworks for Digital Asset Exchange (DAX) and Initial Exchange Offering(IEO).
Digital asset wallet providers are entities that provide custody or storage services on behalf of digital asset owners. Such providers play an important role within the ecosystem in safeguarding the digital assets of the client.
In this regard, SC is reaching out to existing digital asset wallet providers or any interested parties to reach out to the regulator for an engagement on their current business operations or to provide feedback on the framework. Once finalised, the regulatory framework for digital asset wallet providers will be included as part of the Guidelines on Digital Assets.
The SC said that, existing providers and interested persons should contact the SC to arrange for an engagement session not later than 14 August 2020.