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SC seeks public feedback on ICO, property crowdfunding

New Straits Times logo New Straits Times 6/3/2019 By NST Business
a close up of a device: Securities Commission Malaysia seeks public feedback on initial coin offering (ICO) and property crowdfunding. © Provided by Media Prima Securities Commission Malaysia seeks public feedback on initial coin offering (ICO) and property crowdfunding.

KUALA LUMPUR: The Securities Commission Malaysia (SC) is seeking public feedback on the frameworks for initial coin offering (ICO) and property crowdfunding.

ICO is an alternative fundraising avenue that leverages distributed ledger technology including blockchain.

It involves the issuance of digital tokens by an issuer who wishes to raise funds for a project or venture.

SC in publishing two consultation papers today discusses the proposed framework for, among others, the eligibility of issuers, the need for transparent and adequate disclosures as well as utilisation of proceeds of the ICO.

The second consultation paper on property crowdfunding framework follows on from Budget 2019, which identified crowdfunding platforms as an avenue to provide an alternative funding source for first-time homebuyers while providing investors access to a new asset class.

The SC is seeking public feedback on the proposed regulatory framework which will, among others, set the eligibility requirements of first-time homebuyers, criteria of properties which can be listed on the platform, obligations of platform operators and financing limits.

The two consultation papers are available at the SC website and the public can submit their comments to CPLawReform@seccom.com.my by 29 March 2019.

© New Straits Times Press (M) Bhd

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