Malaysia digital currency LCW

1.

The use of digital currency license: 1. Packaging platform, good publicity 2. Developing OTC legal currency business of exchange currency trading and contract futures 3. Platform compliance, risk aversion

the commonly used licenses are: MSB of the United States, Estonia (al license digital currency trading license and wallet license), MSB of Canada, Australia, caymann, Singapore, Malaysia, Saint Vincent Philippines, etc

the license of each country should be applied by the local company, or the company can be registered before applying for the license. It can also register with the Singapore foundation, and lawyers can issue legal opinions on the project white paper

2.

Bank of Malaysia: it does not recognize or prohibit the public from deciding on the future of virtual currency

the president of the National Bank of Malaysia, dansri Muhammad Ibrahim, said that the concept document of cryptocurrency will be finalized this month, and the future of the virtual currency will be decided by the public

he mentioned that Malaysia's response is slightly different from that of some countries that have decided to ban cryptocurrency. Malaysia will not ban cryptocurrency at present, but let the market decide the future of cryptocurrency. The key is that our country must understand what is inside it

however, on September 28, Dato Mohamad zabidi bin Ahmad, senior director and global head of CIMB, Malaysia's second largest bank, attended the launching ceremony of an exchange called "urcoin" and publicly expressed the bank's support for it

It can be seen from this that although Malaysia does not affirm digital currency as its legal tender, it has selected some projects to support it, observe its development and prepare for the future legislation

3. These so-called imported digital currencies are generally unreliable. They are mainly promoted by the marketing mode. In fact, they have no value. The so-called concept of their publicity does not exist. There is no technical support. It is just a digital game. And these coins will often play under the banner of an international or a company to cheat
it is suggested to pay more attention to the mainstream digital currencies such as bitcoin, Ruitai coin, Laite coin and vitality coin.

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5. Malaysia MBA has long been proved to be an international pyramid scheme. I've seen relevant news reports before. Users can query by themselves. It is recommended to stay away from it. If you don't understand digital currency, you should stay away from it. If you are interested, you should pay attention to some valuable digital currencies. For example, bitcoin, dogcoin, decent
needless to say, bitcoin has been widely recognized and accepted in the world. Dog Coin focuses on small rewards and charitable donations; Decent is a distributed content publishing platform based on blockchain technology.

6. Malaysia scan code payment is not a scam< Br > < br > digital asset exchange is a free trading platform for trading all kinds of digital financial procts. No matter digital token, digital currency, virtual currency, digital cryptocurrency and digital legal currency are all digital financial extension procts, they can be freely circulated and traded on the exchange. And each exchange has brought a huge demand group, which continues to promote the value of the pass. The only way for every indivial investor in the external market to obtain the pass is through our member group's hanging sale on the Internet< Br > < br > at present, SLA token has been launched on two exchanges. Among them, sfex is a digital asset international station, which is committed to becoming the medium of token trading, with an average monthly turnover of over 100 million; Lbank is a digital asset trading platform based on global payment scope, which provides safe, professional and convenient digital asset exchange services for global users. It is expected that other exchanges will be launched in succession< < br > scanpay is a good third-party payment platform. It has signed tens of thousands of businesses and registered 1.2 million users, and has launched synchronous promotion in Singapore, Malaysia, Thailand, Indonesia and other countries< br>

7.

Compliance is the general trend of the development of the digital currency instry. Although the supervision of digital currency in various countries is becoming more and more mature and strict, it is good for the long-term development of the instry. Only by providing a qualified and standardized market for digital currency can the instry develop healthily and the participants can enter on a large scale, In addition to a developed country taking the lead in the standardized development of digital currency, a number of minority countries and archipelagos are also following. They are actively using digital currency to upgrade and transform the original economic system, and are standing out on the road to the future of blockchain era

Malaysia updated its legal framework in 2018 and adopted cryptocurrency regulatory rules,. According to them, exchanges, exchanges and organizations that convert non statutory funds are referred to as "reporting agents.". Control in this area is vested in the National Central Bank (the National Bank of Malaysia) and the Securities Commission, the main regulator. It must regulate relationships within the ICO framework and issue licenses for the exchange of cryptocurrency

The change of digital money market is not only influenced by its own growing mature factors, but also by national policies. Looking around the world, countries have different policies on digital money, ICO and exchanges, but also have different regulatory attitudes towards digital money, It also directly determines the settlement choice, survival and development of blockchain project parties and enterprises related to digital assets, and whether the assets of digital currency holders are protected by law

8. Southeast Asia, including Kuala Lumpur, Malaysia, many fraud cases and platforms, it is recommended to pay attention to safety, beware of being cheated!

9. New information: on November 25, according to the official news of fire coin, fire coin Fujian has obtained the digital asset trading brokerage service license issued by the Malaysian authorities in September this year; As a result, the company has officially obtained the license to operate the digital asset platform in Malaysia

Malaysia updated its legal framework in 2018 and adopted cryptocurrency regulatory rules,. According to them, exchanges, exchanges and organizations that convert non statutory funds are referred to as "reporting agents.". Control in this area is vested in the National Central Bank (the National Bank of Malaysia) and the Securities Commission, the main regulator. It must regulate relationships within the ICO framework and issue licenses for the exchange of cryptocurrency
information required for Malaysia digital currency application
1. Notarized passport copies of all directors and shareholders (two sets)
2. Notarized address certificates of all directors and shareholders (two sets). It can be water, electricity and coal bill or bank deposit certificate
3. Bank recommendation letter
4. Lawyer / Auditor / notary office recommendation letter
5. A shareholder's bank deposit confirmation letter with minimum Myr 500000 (approx. $123 000 USD)
6. The above documents need to be scanned and sent for Preliminary Review
7. After the review, the original should be sent by express mail
8 KYC document application requirements
application requirements
1. Submit a complete application form lfb-mb, submit a of the audit financial statement within 6 months at the end of each financial year, and submit data and information reports according to FSA requirements
2. The minimum capital shall not be less than RM500000 or other equivalent amount in foreign currency
3. Labuan FSA will also consider the risk prediction of the applicant, the nature, scale, complexity and diversity of the enterprise's activities
4. The applicant is required to set up an entity office equipped with office equipment and used for business purposes in Fujian
5. The controller, supervisor and CEO of the company should meet the applicability requirements
6. Establish an appropriate internal control system within the company to supervise business operation, compliance, corporate governance and risk management
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8. Have an external auditor certified by Fujian to conct annual financial audit and report to FSA
9. Keep transaction records and account records, keep monthly customer funds records, and do not misappropriate customer funds
10. Digital / system must have it technical support
11. Conct e diligence on customers, disclose the risk level of counterparties to customers, clarify the pricing of financial instruments, and ensure the establishment of risk buffer mechanism, such as stop loss order
What are the application qualifications
1. Password exchanges licensed in other jurisdictions or password users; At least 1-2 years experience in reliable trading business
2. The minimum financial proof is $200000. The paid in capital is RM500000 About $125000)
3. The director team has at least 2 years of experience
the regulatory scope of Malaysia's license includes: foreign exchange, digital currency issuance and asset management. The currency brokerage license provided by lfsa is different from other license licenses. This license is the only license issued for STP only business in Asia (for details, please refer to "one country in Asia blocks all foreign exchange brokers' websites"). The broker with this license can only operate order matching business, and is not allowed to be the opponent of any order.