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Malaysian government to implement concrete laws on digital currencies from January 15

Namrata Shukla

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Malaysian government to implement concrete laws on digital currencies from January 15
Source: Pixabay

Malaysia will be putting into effect the laws on digital currencies from January 15, Tuesday. As per the laws, any person involved in operating unauthorized Initial Coin Offerings [ICOs] or any digital asset exchange will face a 10-year jail term and will have to pay RM 10 million in fine.

This announcement was made by the Malaysian Finance Minister, Lim Guan Eng, on January 14 after the Capital Markets and Services [Prescription of Securities] [Digital Currency and Digital Token] Order 2019. The Finance Minister also said that the framework will be in place by the end of the first quarter of 2019.

The rules for the digital currencies will term the currencies and digital tokens or digital asset as securities and will be controlled by the Securities Commission [SC]. Lim made it clear that these assets and cryptocurrencies will have to be approved by the SC and will have to comply with the relevant laws and regulations to be termed as securities. Lim said:

“The Ministry of Finance (MOF) views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries.”

He also added:



“In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses and an alternate asset class for investors,”.

Lim informed that the SC will be putting regulatory requirements for the issuance of ICOs and trading of digital assets at digital asset exchanges in Malaysia. Lim said:

“Any person offering an ICO or operating a digital asset exchange without SC’s approval may be punished, on conviction, with imprisonment not exceeding 10 years and fine not exceeding RM10mil,” he said.

The Finance Minister duly noted that it believes that digital assets not only offer an alternative fundraising method, but also a new asset class for investors. As per the reports from Cointelegraph, the Malaysian government was indecisive until a few days back about whether to legalize cryptocurrencies. However, the government has laid down regulations for cryptocurrencies which will be in effect from tomorrow.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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