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Malaysia will adopt regulations on cryptocurrency offers and initial coin offerings in the first quarter of 2019, local English-language news media The Star reported on November 28.
Finance Minister Lim Guan Eng, quoted by the publication, said Wednesday that the Securities Commission (SC), the country's supervisory authority, had updated it with a timetable for new rules.
The move will be part of the SC's efforts to facilitate alternative fundraising opportunities and new classes of investment assets, The Star said.
Malaysia has opted for a fragmented regulatory procedure for its domestic cryptocurrency industry, which began at the end of 2017.
The authorities have tried to control the sector in the meantime, as Mr Lim told Parliament that entities wishing to issue cryptocurrencies should consult the country's central bank, Bank Negara Malaysia.
"I advise all parties wishing to introduce cryptocurrency Bitcoin (style) to refer first to Bank Negara Malaysia, because it is the authority that will make the decision on the financial mechanism ", said Cointelegraph Monday.
This month, a Malaysian politician had also recommended to suspend the approval of a government-supported cryptocurrency issue project until the entry into force of the regulation.
Malaysia has sought to strengthen its relationship with Blockchain this year. In November, the Ministry of Education also set up a system of verification of university degrees using this technology.
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