TMT Update: Regulation of Digital Currencies and Digital Tokens in Malaysia - Implementation of the Digital Assets Prescription Order 2019

Further to our recent update regarding the coming into force of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (the “Order”), we wish to bring to your attention a recent Media Statement made by the Securities Commission Malaysia (“SC”) on 17 January 2019. This update provides a summary of the media statement made by the SC.

TMT Update: Bank Negara Malaysia Issues Policy Document on Publishing Open Data Using Open API

In this Technology, Media and Telecommunications Update, we wish to bring to your attention the Bank Negara Malaysia (“BNM”) Policy Document on Publishing Open Data Using Open API (Application Programming Interface) (the “Policy Document”), which was issued and came into effect on 2 January 2019, following a period for submission of feedback to the Exposure Draft on Publishing Open Data Using Open API (the “Exposure Draft”) published by BNM on 5 September 2018.

This update provides a summary of the Policy Document, the recommendations given by BNM in respect of using Open API, as well as a brief analysis of the key changes in the Policy Document compared to the Exposure Draft.

TMT Update: Regulation of Digital Currencies and Digital Tokens in Malaysia – Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019

In this Technology, Media and Telecommunications Update, we wish to bring to your attention the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (the “Order”), which was announced by the Minister of Finance on 14 January 2019 and which came into legal effect on 15 January 2019.

Pursuant to the Order, the Securities Commission Malaysia is now authorised to regulate digital assets (including cryptocurrencies, digital currencies, and digital tokens), as prescribed securities.

In this update, we provide you with a summary of the Order, including the definitions of “digital currency” and “digital token”, the compliance requirements vis-à-vis digital currencies and digital tokens, and further details regarding the regulation of digital currencies and digital tokens as announced by the relevant regulatory authorities.

We trust that the above provides you with a quick update in relation to the above. Should you require any assistance or clarification in respect of the above or in relation to any other aspect of technology, media and telecommunications or personal data protection, please feel free to get in touch with us at your convenience.

TMT Update: BNM Issues Policy Document on Outsourcing

The Central Bank of Malaysia, or Bank Negara Malaysia (“BNM”) recently published on its official website the Policy Document on Outsourcing (“Policy Document”). The Policy Document, which officially came into force on 1 January 2019, applies to all financial institutions as defined in the Policy Document. It supersedes all previous guidelines and policy documents on outsourcing issued by BNM, and provides for a number of changes from the draft proposals by BNM in the Exposure Draft on Outsourcing (the “Exposure Draft”). This update provides you with a summary of the key changes effected by the Policy Document as compared to the Exposure Draft, including changes in the regulatory process for outsourcing arrangements, and details on the new or additional obligations to be observed by financial institutions, together with a listing of key dates for compliance with some of these obligations.

Here Comes the Sun: Development of the Solar Energy Industry in Malaysia

The government of Malaysia has recently set an ambitious goal for 20% of the country’s electricity to be generated from renewable sources by 2030, an increase from the previous 2%. To that end, several programmes are expected to be rolled out in order to achieve that target. This update examines the impact that those programmes may have on the development of the solar energy industry in Malaysia moving forward.