In Malaysia, the rules of the bill describing digital assets - cryptocurrencies - began to apply on January 15. This became known thanks to the publication The Star. The publication appeared on January 14.
According to the text of the bill, citizens were seen in the unregistered distribution of cryptocurrencies by ICO, as well as in the creation of a platform where cryptocurrencies are exchanged, not including registration, face 10 years in prison and penalties of 245,000 dollars.
According to Finance Minister Lim Guan Eng, the law will have to be enforced by all Malaysian citizens from the middle of the first winter month.
The law also states that cryptocurrencies are the same securities. This means that their movement is under the control of the Securities Commission (SC).
Lim drew the attention of journalists to the fact that the financial tools and operations enshrined in the bill, which require the use of these tools, require mandatory approval from the Commission.
Financial instruments are subject to the same standards that are in force today for securities.
The Minister argues that digital assets, together with the blockchain technology that serves them, are able to transform and rehabilitate outdated industries that need updating.
Malaysia has seen a surge in crypto use in recent years. Considering the fact that online gambling remains illegal, a lot of people use crypto to avoid being caught and a large Malaysia online casino list offers cryptocurrency as a primary method of payment.
However, new areas are also subject to this procedure. It is expected that cryptocurrency will be able to become a worthy alternative, and it will attract the money needed by businessmen and new enterprises.
There will be no asset category for those who are engaged in investing.
Lim is confident that specialists will be able to develop the controlling rules applied to the organizers of trading platforms and operators offering to use their services.
Malaysia and blockchain city
When we talk about crypto in Malaysia we should also mention blockchain. The world's first blockchain city called Melaka Straits City will appear on the west coast of Malaysia. So far, a little more than 3 sq km has been allocated for construction. The project's creators plan to build schools, universities, innovative enterprises, and shopping centers, based on the technology of distributed registry. The city will also have its own cryptocurrency.
The project was initiated by construction and engineering company China Wuyi and the investment network SWT International Sdn Bhd. The architecture at Melaka Straits City will be overseeable by CPG Corporation, which previously designed Changi International Airport and Parliament House in Singapore. It is also known that other Chinese public companies, such as China Poly Group and CCCC, have shown great interest in the city.
The founders of the first blockchain city plan to attract 500 million in Malaysian ringgit ($120.25 million) at the initial stage of construction. The entire infrastructure of the territory will be based on blockchain technology. The main cryptocurrency platform will be DMI with the same digital coin, mainly it will be used to pay for public services. DMI will also allow tourists to exchange fiat money for tokens. The local cryptocurrency will be accepted in all Melaka Straits City institutions. Developers plan to create a DMI app, which will be available on pc, and mobile devices Android and iOS.
All stores and businesses in the new city will have cryptocurrency accounts to pay for goods or services customers need to scan the code and conduct a transaction. All operations will be stored in the DMI blockchain. Project CEO Lim Keng Kai believes that Melaka Straits City will help attract new tourists to Malaysia.
The company uses cutting-edge blockchain technology and integrates it into the traditional industry to make Malaysia a world-class tourist destination. They have received the approval of the local government for the development of land and are now implementing their plans.
The developers plan to build various shopping malls, amusement parks, concert halls, golf courses, tennis courts, and racecourses in the city. There will also be a duty-free zone. In addition, part of the area will be specially allocated for the construction of schools, universities, and student dormitories.
The Ministry of Tourism of China predicts that after the official opening of Melaka Straits City, more than 3 million tourists will come to the city annually. 100 villas and several boutique hotels will be built for guests. In addition to innovative technologies, one of the main features of the city will be the unusual design of buildings.
In 2022 the first sovereign floating state may appear in the Pacific Ocean. As a means of payment, it will use its own cryptocurrency. The project is developed by a group of scientists, investors, and philanthropists. Three hundred houses, several hotels, restaurants, and offices will be built in the new state. The island will accept refugees who have been forced to leave their home regions due to climate change.
