SC Malaysia’s move to regulate digital assets

SC Malaysia’s move to regulate digital assets

KUALA LUMPUR, 22th January 2019 – In light of the Securities Commission Malaysia’s (“SC”) move in collaboration with the Malaysian Central Bank’s (“BNM”) to enforce regulatory measures for the offering and trading of digital assets in Malaysia, Everus Technologies Sdn Bhd (“Everus” or “Company”) intends to cooperate and comply with the coming regulations and implementation on the regulatory framework of digital assets that provides better clarity to the digital assets market in Malaysia.

The country’s securities governing body expects to implement and enforce new regulations by end of Q1 2019, and have certain interim requirements established. In the meantime, Everus will apply and obtain the requisite authorization from SC, which will work with BNM to ensure full compliance.

Until Everus has its license approved and the new regulations are in force, Everus is prohibited to accept new customers and this is in accordance to the interim requirements issued by the SC. Thus, Everus has temporary disabled its Everus wallet sign up option. However, the situation will remain the same for existing Everus wallet users that registered prior to January 15th, 2019. All features in Everus Wallet are still available, including the ability to store and exchange assets, earning of reward points, bill payments as well as the earning point redemption feature.

Everus Founder and CEO, Srinivas Oddati said: “We are excited for the new digital assets regulatory measures in Malaysia. I believe that regulation is necessary for the industry to grow, and subsequently thrive not just in Malaysia, but globally as well. It is crucial to have the common standards to prevent cryptocurrency abuse and to ensure the stability and integrity of this financial system.”

“Since day one, we have consistently been working with relevant government bodies to declare all business-related dealings and to maintain the transparency of our cryptocurrency business activities. In April 2018, we are enlisted as an official reporting institution by BNM in compliance with the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) – Digital Currencies (Sector 6) policy,” he added.

“With clear regulations, potential to bring about innovation in both old and new industries can be greater. We acknowledge that it is our responsibility to do more than just basic compliance with regulations, especially on business continuity measures and consumer education. We will continue to do our part, taking the necessary steps to educate our customers and at the same time comply with the laws and the Malaysian government’s wishes as best we can. We will provide an update as soon as any additional information becomes available.”

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