For the purposes of digital assets, BNM and SC are regulating a specific set of business activities. However, digital assets do have multiple use cases, including as an investible class of assets. As the regulator of the capital market in Malaysia, the SC has prescribed digital assets as securities under its laws. The Guidelines on Digital Assets referred to by the letter writer seek to provide a framework for the issuance of digital assets in Malaysia for the raising of funds, while guidelines have also been issued by the SC to regulate online platforms that facilitate the trading of digital assets. These guidelines do not in any way promote digital assets as a legal tender or a general payment instrument.

Source: The Star December 19, 2020 01:41 UTC