After China and South Korea started cracking down on cryptocurrencies and altcoin exchanges, a new report states that the Malaysian government is preparing a regulatory framework for cryptocurrencies.
More Cryptocurrency Regulations
A few months ago, news emerged that the Chinese regulatory body imposed bans and regulations regarding cryptocurrency activities. The ban mainly focused on Initial Coin Offerings or ICOs, because regulators feared that some of them may have been fraudulent. Regulators demanded that the token sale operators refund their investors and immediately cease activities until further notice.
Shortly after the Chinese financial regulatory body banned ICOs, South Korea’s Financial Services Commission declared a country-wide ban on all ICOs and token sales. Some experts believe that the bans were appropriate so regulators can better understand the ICO market and its mechanism. The Chinese government regulators also warned certain Bitcoin and cryptocurrencies exchanges to close down their operations until proper regulatory mechanisms are properly installed. Regulators do not only want to protect consumers but they also want to stop money laundering and terrorist financing operations with appropriate KYC/AML procedures…