{"id":368379,"date":"2019-01-16T16:33:06","date_gmt":"2019-01-16T16:33:06","guid":{"rendered":"https:\/\/uniquehot.com\/?p=368379"},"modified":"2019-01-16T16:35:04","modified_gmt":"2019-01-16T16:35:04","slug":"malaysia-to-jail-illegal-ico-and-crypto-exchanges-operators-for-10-years","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/malaysia-to-jail-illegal-ico-and-crypto-exchanges-operators-for-10-years\/","title":{"rendered":"Malaysia to Jail Illegal ICO and Crypto Exchanges Operators for 10 Years"},"content":{"rendered":"
Running an unregistered crypto exchange or an initial coin offering (ICO) in Malaysia could land the operator in jail for a maximum\u00a0of 10 years.<\/p>\n
$2.43 Million in Fines<\/h2>\n
Securities Commission Malaysia (SC), the country’s top financial watchdog, has announced that it would categorize cryptocurrencies such as Bitcoin as securities. The commission confirmed in a press release that the said regulations have come into force by January 15. Therefore, anyone planning to run crypto operations inside the country would have to obtain a license from the SC.<\/p>\n
Malaysia’s finance minister Lim Guan Eng clarified that individuals found to be breaking their crypto laws would be treated according to the securities laws guidelines.<\/p>\n
\u201cAny person offering an ICO or operating a digital asset exchange without SC\u2019s approval may be punished, on conviction, with imprisonment not exceeding ten years and fine not exceeding RM10mil,\u201d the minister told The Star<\/a>, a Malaysian daily.<\/p>\n