University of Malaya to launch Malaysian Blockchain Regulatory Research Report
By Kiranjit Kaur Sidhu July 3, 2018
- The report includes recommendations for stakeholders and regulators
- To encourage economic development and innovation while protecting consumers
ACKNOWLEDGING the transformative force of blockchain technology, the Faculty of Law, University of Malaya (UM) is launching its Malaysian Blockchain Regulatory Research Report at a one-day event on July 5, 2018 at Renaissance Kuala Lumpur Hotel. The report provides input and recommendations for a compliant blockchain ecosystem in Malaysia.
In conjunction with the report launch, four sessions on Initial Coin Offerings, Money Service Business, Data Protection and Consumer Rights in Blockchain Technologies will be held to discuss topics central to the research areas of the report.
“The research report is prepared with the objective of encouraging economic development in Malaysia without stifling innovation and compromising consumer protection by providing support to startups, small-medium enterprises and large corporations in their endeavours to adopt blockchain technology,” states the UM Centre of Regulatory Studies (UMCoRS) website.
The report is the outcome of research done by five researchers and two research assistants over the past year on legal issues pertaining to blockchain technology. Among the areas covered within the report are the technical and regulatory background of blockchain technology as well as its prospects and challenges within Malaysia.
Since blockchain technology is still in the early stage in the Malaysian ecosystem, the spokesperson from UM says, “The report and the event is aimed at disseminating knowledge on blockchain solutions. Additionally, we hope to get feedback and engage with all relevant sectors of the blockchain community on the legal and regulatory issues on blockchain.”
On whether or not the report will be used to advise Bank Negara Malaysia (BNM) and the Securities Commission (SC), the university says the report provides recommendations for all relevant stakeholders to consider but it is not specifically aimed at the regulators or any particular entity.
However, the university hopes that the report will be an impetus for further research and development of the blockchain regulatory environment. “We hope that the report will be useful to BNM and the SC as part of their continuous work on regulatory matters related to blockchain.”