Securities Commission Malaysia Looks to Standardize Digital Asset Wallets

The Securities Commission Malaysia (SC) is seeking feedback on a regulatory framework for digital asset wallet providers. The review is expected to complement the existing frameworks for Digital Asset Exchange (DAX) and Initial Exchange Offering (IEO).

The SC notes that digital asset wallet providers, now fairly ubiquitous, are entities that provide custody or storage services on behalf of digital asset owners. Such providers play an important role within the digital asset ecosystem.

The SC asks that existing digital asset wallet providers or any interested parties contact the SC for an engagement on their current business operations, and/or to provide any feedback on the framework for digital asset wallet providers.

Existing providers and interested persons should contact the SC to arrange for an engagement session not later than 14 August 2020.

Once finalized, the regulatory framework for digital asset wallet providers will be included as part of the Guidelines on Digital Assets.

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