Digital currency regulation must not be lopsided, says Lee Kim Yew

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KUALA LUMPUR (Jan 15): The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 must not be lopsided and limit the development of blockchain technology, said tycoon Tan Sri Lee Kim Yew.

The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 came into force today to allow the Securities Commission Malaysia (SC) to regulate digital assets as prescribed securities.

In a statement today Lee, the founder and chairman of Country Heights Holdings Bhd, said the group was still waiting for the regulatory framework to be issued by SC, estimated to be at the end of March, before progressing with its plans of issuing an asset-backed cryptocurrency called Horse Currency.

"I hope that the regulation will not be lopsided and merely oriented to financial services, and will not limit the development of blockchain technology especially on utility-based tokens.

"As an entrepreneur, we will be anxiously waiting for the framework and will compare it against those which have been previously issued in Malta, Singapore, Hong Kong and United States," he said.

Lee also expressed hope that Malaysian entrepreneurs can have access to capital without paying high interest, and instead use a profit-sharing model.

"With this regulatory framework, this dream will come one step closer.

"All entrepreneurs should be able to benefit from this era of shared economy by using blockchain technology and tokenisation to realise the dreams of each and every individual. We should be able to walk tall in this digital world," he said.