The Securities Commission Malaysia (SC) has announced its intention to gain industry feedback on the regulatory framework for digital asset wallet providers, which will complement the existing frameworks for Digital Asset Exchange (DAX) and Initial Exchange Offering (IEO).

The importance of digital wallets continues to grow globally, something that has been replicated in Malaysia, as digital currency engagement increases. 

Digital asset wallet providers are persons who provide custody or storage services on behalf of digital asset owners. Such providers play an important role within the ecosystem in safeguarding the digital assets of the client.

SC outlined: “Existing digital asset wallet providers or any interested parties are hereby requested to contact the SC for an engagement on their current business operations, and/or to provide any feedback on the framework for digital asset wallet providers. Existing providers and interested persons should contact the SC to arrange for an engagement session not later than 14 August 2020.

“Once finalised, the regulatory framework for digital asset wallet providers will be included as part of the Guidelines on Digital Assets (Guidelines).”