Freedom, GEABSOLUTE POWERS CORRUPT ABSOLUTELY, General Election (GE15), Malaysia, Politics, polling Nov 19: Destroy Umno for the betterment of Malaysia, race, religion, Solidality, support Aliran for Justice

Share This

Showing posts with label securities commission (SC). Show all posts
Showing posts with label securities commission (SC). Show all posts

Thursday 12 May 2022

he rot has spread to Securities Commission, a replay of the 1MDB debacle?

 

The rot has spread to Securities Commission

 ‘This is a replay of the 1MDB debacle when a few men of integrity resigned.’

Guan Eng demands explanation for SC chair’s ‘shock resignation’

 CHECK OUT MORE:     https://www.malaysiakini.com/news/620030?utm_source=facebook&utm_medium=dlvr.it&fbclid=IwAR3gJJmgSuP8dJAT-ecguq92GvzFBefFLBZJT80BsB3FhKVyeEYYiA2PwKI

 https://www.malaysiakini.com/news/620030?utm_source=facebook&utm_medium=dlvr.it&fbclid=IwAR3gJJmgSuP8dJAT-ecguq92GvzFBefFLBZJT80BsB3FhKVyeEYYiA2PwKI

Related:

 

SC Announces Senior Appointments - Media Releases

 https://www.sc.com.my/resources/media/media-release/sc-announces-senior-appointments

SC announces senior appointments | The Star

 https://www.thestar.com.my/business/business-news/2022/04/29/sc-announces-new-appointments-confirms-resignation-of-md


https://www.thestar.com.my/business/business-news/2022/04/29/sc-announces-new-appointments-confirms-resignation-of-md


https://www.thevibes.com/articles/business/59805/sc-announces-new-appointments-after-latest-resignations

 

 Related posts:

 upload.wikimedia.org/wikipedia/en/thumb/0/0c/Se...

Concerned citizens lodge MACC report alleging wrongdoings by SC officials, MACC studying NGO report

 Group alleges corrupt practices by top Securities Commission (SC) officials

 

Corruption & incompetence as a result of corrupt policies that breed corruptions & incpmpetency as Malaysia fails in graft index?

 

 

  
  Malaysian pride: Tan, who is from Muar, was appointed to the most senior technology position at Nasa recently. – nasa.gov  NASA Engineer F...

Thursday 24 January 2019

Malaysian Securities Commission to weed out virtual scams

SC innovation, digital and strategy executive director Chin Wei Min said those who have identified themselves to the commission can operate up to March 1. “Even if they don’t want to be in this business anymore, whatever they are holding, whether it’s money, crypto assets or digital assets, should be returned to their clients. Otherwise, we will take action.

KUALA LUMPUR: All companies engaging in digital assets will have to make themselves known to the Securities Commission (SC) by Friday, even if they have decided not to carry on once the regulatory framework comes into force.

This includes operators who are not registered with Bank Negara under the anti-money laundering and counter financing of terrorism – digital currencies (sector six) and those operating “underground”.

The SC will reserve the right to take action against those who fail to identify themselves by Friday on grounds of breaching the securities law.

SC innovation, digital and strategy executive director Chin Wei Min said those who have identified themselves to the commission can operate up to March 1.

“Even if they don’t want to be in this business anymore, whatever they are holding, whether it’s money, crypto assets or digital assets, should be returned to their clients. Otherwise, we will take action.

“The reason we also allow people to continue with their withdrawals and sell down is to ensure that there is an orderly market.

“The last thing we want is to cause confusion, and hopefully, there are no untoward fraudulent activities that people will capitalise on in this transition period and take advantage of investors,” he told a media briefing here yesterday.

While the regulation does not affect operators who are not incorporated in Malaysia, the SC can still take action against them under the Capital Markets and Services Act 2007 if the products are marketed, sold, or its operations exist in Malaysia.

Operators who identify themselves to the SC must state their intent, whether they want to resume their activities, of which certain obligations have to be met, or whether they want to wind down their business.

The SC will put up a list of operators and companies that have registered and received a letter from the commission for investors to check if their monies are with legitimate sources.

Chin also reiterated that operators are not allowed to accept new investors, list new products or conduct any sales and marketing activities during this period.

A statement by the SC last Thursday said platform operators would not be allowed to accept new investors and are only allowed to facilitate the withdrawal or transfer of client assets with the written instruction of investors.

They are also not allowed to conduct any initial coin offerings (ICOs) without prior authorisation.

Chin called on all ongoing ICOs to cease activities and the monies or digital assets to be returned to investors until the operators apply for authorisation and after they understand the SC requirements.

The guidelines are expected to be released by the end of the first quarter this year.

“If you are looking at the ones that are out there currently, the standards of the white paper are of low quality. It is important that this falls under regulated activity.

“We recognise that this is an alternative fundraising avenue. The idea here is to allow us to take out all the scams and fraudulent activities and at the same time, provide a platform for our early stage entrepreneurs to raise money,” said Chin, adding that the SC did not want people to take advantage of this as investors are pumping in money on the other end.

This is a high-risk investment and Chin also hinted that there could be a certain threshold for investors.

The Capital Markets and Services (prescription of securities) (digital currency and digital token) order 2019, which kicked in last Tuesday, will see those operating unauthorised ICOs or digital asset exchanges facing up to a 10-year jail term and up to a RM10mil fine.

The Finance Ministry said it viewed digital assets as well as its underlying blockchain technologies as having the potential to bring about innovation in both old and new industries.

 By royce tan The Star

Related post:

SC to regulate digital assets








Fintech - disruptive technology



Tuesday 15 January 2019

SC to regulate digital assets

Good move: Lim says many people have bypassed Malaysia because the policy was not clear about digital assets

Move seen to spur growth in digital currency sector


Regulatory oversight of digital currencies and tokens, which kicks in from today, offers timely clarity and transparency to various players in the fledgling industry.

Omni Capital Partners Sdn Bhd managing director Scott Lim said everything would be above board with the regulation and governance under the Securities Commission (SC).

“Digital assets in Malaysia have been underwhelmed mostly. A lot of people have been bypassing Malaysia because the policy was not clear about it.

“Certainly, now that this is regulated by the SC, it’ll be good. We shall wait for the guidelines,” he said.

Celebrus Advisory co-founder Edmund Yong said the regulation is very much welcomed and one which is needed, as it would spur growth in the industry.

Celebrus is a compliance-first blockchain consultancy firm.

He added that the statement by the Finance Ministry was very accommodative with the intention to use tokens and the recognition of it as a fund-raising tool.

“In fact, it can be an indirect source of foreign direct investment, a borderless method to raise funds.

“But from now until March 31, there will be a twilight period. Many activities will be stopped in their tracks because they don’t know where they stand.

“Some would possibly even move offshore because of the draconian RM10mil and 10-year imprisonment punishment,” said Yong.

He said digital tokens could also be for points in computer games or reward points, and it too would be quite draconian if it is all painted with the same brush.

The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 kicks in today and any person operating unauthorised initial coin offerings (ICOs) or digital asset exchanges faces up to a 10-year jail term and up to a RM10mil fine.

Digital currencies and digital tokens are collectively known as digital assets, which will now be prescribed as securities.

The SC is putting in place relevant regulatory requirements for the issuance of ICOs and the trading of digital assets at digital asset exchanges in the country.

This is expected to be launched by the end of the first quarter this year.

Finance Minister Lim Guan Eng said the offering of such instruments, as well as its associated activities, would require authorisation from the SC and needed to comply with relevant securities law and regulations.

“The Finance Ministry views digital assets as well as its underlying blockchain technologies as having the potential to bring about innovation in both old and new industries.

“In particular, we believe digital assets have a role to play as an alternative fund-raising avenue for entrepreneurs and new businesses, and as an alternative asset class for investors,” he said in a statement yesterday.

Any person offering an ICO or operating a digital asset exchange without the SC’s approval will face an imprisonment term not exceeding 10 years and a fine not exceeding RM10mil.

Federal Territories Minister Khalid Samad mooted the idea of the Harapan Coin last year, which would be the world’s first political fund-raising platform using blockchain and cryptocurrency technology.

In November last year, shareholders of Country Heights Holdings Bhd approved the company’s plan to conduct an ICO to issue its own cryptocurrency, called “horse currency”.

Country Heights founder and chairman Tan Sri Lee Kim Yew had said that the company would like to be the first to launch cryptocurrency in the country when the regulations are ready.

The company’s plan is to eventually issue one billion horse currencies backed by RM2bil worth of physical assets held by the holding company, with an initial 300 million open to the public for circulation.

StarBizBy ROYCE TAN roycetan@thestar.com.my

Related:




  • Fintech

    Law on digital currency effective Tuesday, says Guan Eng



  • Guan Eng: SC to regulate digital currencies starting tomorrow 


    Securities Commission to regulate offering and trading of digital assets ..

     



    SC to Regulate Offer & Trade of Digital Asset | Focus Malaysia

     



    SC to regulate cryptocurrencies from tomorrow | Free Malaysia Today

     

    BNM, SC say drawing up rules on digital assets | Money | Malay Mail


     Related posts:


     
    (From left) World of Sharing business development manager Ice Wong, EUNEX (Asia) marketing director Kyan Lee, MBAEX chief executive o...


     

    BLOCKCHAIN beyond Bitcoin



    Bitcoin, digital currencies rally, caution prevails; virtual currency in property

    Bitcoins As Digital Currency's Rally Crushed Every Other Currency in 2016 

    Bitcoin falls after exchange is hacked, US$72 mil stolen from Bitfinex exchange in HK

    Securing the bitcoin trading platform has proved elusive.