A remarkable feature of the law is that organizers will face 10 years in prison or a fine of 10 million Malaysian ringgits (almost $ 2.5 million) for holding unregistered initial coin offers (ICO). This rule also applies to organizers of unregistered cryptocurrency exchanges.
It is also noteworthy that cryptocurrencies and digital tokens are equal to securities. Accordingly, the authority to regulate the industry is vested in the local Securities Commission.
Malaysian Finance Minister Lim Guan Eng noted that the norms accompanying this law will be ready by the end of the first quarter of this year.