Malaysia will set a strict cryptocurrency law. ICO may provoke 10 years in prison.

According to a statement issued by National Finance Minister Lim Guan Eng, launching an unauthorized ICO or participating in digital commodity exchanges could result in 10 years in prison and a $24 million (RM10 million) fine. According to a statement issued by the country's finance minister, Lim Guan Eng, the release of unauthorized ICOs or participation in digital goods transactions could result in 10 years in prison and a fine of $2.4 million (RM10 million).

The order will recognize digital currencies and tokens and classify them as securities and will be enforced by the Malaysian Securities Commission on January 15.

The Minister of Finance said in the statement: "The Ministry of Finance believes that digital assets and its basic blockchain technology have the potential to bring innovation to new and old industries. Digital assets as another financing channel for entrepreneurs and new businesses, and investors' other An asset class that has a certain role."

The committee is expected to launch a framework at the end of the first quarter of this year to determine the regulatory requirements for the issuance of ICOS and digital assets for transactions on the Malaysian Digital Asset Exchange. Prior to today's press release, the country's central bank and its financial regulator issued a joint statement last December stating that they are working on laws on digital assets.