Malaysian National Cryptocurrency Association

Malaysian National Cryptocurrency
Association
Cryptocurrency Malaysia Development Review (CDR) is underway right now. The central bank
of Malaysia, the Monetary Authority of Malaysia (MAM), is leading a global effort to enhance
financial development Heropark token and adoption of digital currencies in countries like Singapore, Australia,
New Zealand, the United Kingdom, and the Philippines. The chief economic adviser of the
Monetary Authority of Malaysia, Mr. Lim Boon Heng, presented his views on the subject of
digital currency at a conference organized by the Center for Strategic and International Studies
(CSIS), a non-profit international think tank. Dr. Lim was one of the organizers of the first
Cryptocurrency Development Research Symposium (CDS), which was held in Singapore in
2009. His speech, “Cryptocurrency Research and Development in Malaysia”, can be accessed
on the CSIS website.

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A discussion on the future of currencies, especially the one led by the MAM, took place between
representatives of the Singapore government, financial institutions, and cryptographers from
around the world. Some of the main topics included: the benefits of introducing a cryptocoin; the
unique problems of a decentralised money system; the benefits of open-source software; and
how the governments of these various nations could contribute to the global effort https://heropark.io/. During the
discussion, it was revealed that the major obstacle to overcome when aiming at a decentralized
nature of money is the governments’ resistance to adopting technological developments that will
make the system more transparent and open to greater public participation.
The MAM also expressed its desire to work closely with other agencies of the government of
Malaysia, in order to achieve greater social, economic, and political stability in the country. By
creating a transparent, cashless society through the use of its own Cryptocurrency Standard
(CX), the MAM hopes to improve the lot of ordinary citizens in the country. By allowing people to
conduct their monetary affairs in the same way as those who conduct their business on
traditional currency, the MAM hopes to strengthen the economy of its people, especially the rural
population.
This past June, the Malay Mail Online (M BM) reported that the Malaysian Government has filed
an application with the Monetary Authority of Singapore (MARM), the executive body of
Singaporean government, to trademark the Cryptocurrency by using its name. The aim of the
initiative, according to the article, is to prevent inappropriate use of the Cryptocurrency by
organizations and individuals. As per the Cryptocurrency Institute of Malaysia’s (CMI) regulatory
model, all cryptocoin issuers and publishers are required to register the trademark with the
Monetary Authority of Singapore before they can release the cryptocoin in the market. However,
the MAM noted that this implementation will not be applicable to all the countries in Asia where a
different regulatory body handles Cryptocurrency activities.

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The MAM did express some reservation in regards to its move to trademark the cryptocoin,
primarily due to the different political structures in various Asian countries. Specifically, the
organization noted that some Asian countries including Singapore have been working on a
legislative framework that will allow investors to trade in the Cryptocurrency without having to
resort to the traditional banking system. In addition, it also pointed out that the Cryptocurrency
industry in Asia is still developing, as many entrepreneurs do not understand the benefits of

investing in the Cryptocurrency, despite the fact that the regulatory framework in various Asian
countries are conducive to the growth of the industry. The MAM was not deterred however, and
remained dedicated to protecting the interests of its members, as it looks forward to
standardizing the regulation of the Cryptocurrency in the future. However, given the political
situation in some Asian countries, it is unlikely that the standardization of the Cryptocurrency will
take place in the near future.
Given that the Cryptocurrency industry in Asia is still developing, the standardization process for
the regulation should be handled by an organization that can best coordinate with the needs of
the Cryptocurrency industry as a whole. This will help to ensure that all investors, traders and
institutions throughout the region benefit from the growth of the cryptocoin industry. The
Cryptocurrency Association of Malaysia (CAM) has been successful in making sure that this
happens. The association has drawn up a standard operating protocol for the Cryptocurrency
industry in the country, which allows for easy trading and registration of businesses conducting
business in the field. This standard has been adopted by several other associations in the
region, including the Hong Kong and Japanese associations for virtual currencies.

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