The Securities Commission of Malaysia (SC) is seeking public feedback on new rules that could ease the process of listing cryptocurrency assets on exchanges.
Proposed Listing Liberalization
According to the announcement, the regulator is considering liberalizing listing rules for digital assets. Cryptocurrency exchanges may list assets that meet specific criteria without the need for explicit approval from the SC. The main goal of this initiative is to speed up the time-to-market for new products and enhance exchange operator accountability.
Potential Asset Types
The SC is seeking opinions on whether certain types of assets, deemed higher risk, should be permitted for trading. Included in these are privacy coins, such as Monero, which possess low transparency and may be used in unlawful activities. Other discussed assets are memecoins, stablecoins, and tokenized assets, all noted for their high volatility.
Tightened Governance and Custody Rules
The SC also proposes a revision of the client asset security and governance requirements for digital exchanges. Exchange operators would face new stringent rules, including asset segregation requirements and new minimum financial criteria. Exchanges that custody user assets would need to register as digital asset custodians.
The initiatives proposed by the Malaysian Securities Commission could alter the approach to the listing and management of digital assets in the country, simplifying processes and increasing accountability among market participants.
