Securities Commission Seeks Feedback on Framework for Digital Asset Wallet Providers

The Securities Commission Malaysia (‘SC’) announced via a media release issued on 23 July 2020 that it is seeking industry feedback on the Regulatory Framework for Digital Asset Wallet Providers.
A ‘digital asset’ is defined in the Guidelines on Digital Assets as a digital currency and a digital token that is prescribed as securities under the Capital Market and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019.
Existing digital asset wallet providers (i.e. persons who provide custody or storage services on behalf of digital asset owners) or any interested parties who wish to provide feedback are to contact the SC to arrange for an engagement session no later than 14 August 2020 to discuss their current business operations, and/or to provide feedback on the framework for digital asset wallet providers.
Once finalised, the regulatory framework for digital asset wallet providers will be included as part of the Guidelines on Digital Assets.