Malaysian Member of Parliament for Lembah Pantai , Fahmi Fadzil, who is also the
Pusat Kembangan Pendidikan (PKP) communications director, has petitioned for
central authority and further regulations over cryptocurrency. This comes at a time with
the initial coin offering (ICO) round aimed at funding an opposition political movement
is about to launch.
Currently, Malaysia stance over the crypto ecosystem has yet to be determined. While
the country has not formally regulated the space, they have not out-right banned crypto-
based dealings. Despite the passive stance, the central bank has made it known that it
will sort out individuals who engage in illicit activities.
Fadzil has urged the government create a framework to regulate political funding
derived from cryptocurrency. Currently in Malaysia, a political-aim ICO, Harapan Coin
project has launched raising nearly $674 against the $120 million funding target.
Harapan Coin isset at being the world’s first political fundraising platform to utilize
cryptocurrency and blockchain technologies.
According to local media news outlet, The Star, the MoP is cited as saying:
“The anonymous nature of cryptocurrency may open us up to some issues, and we need
to wait for guidelines from Bank Negara Malaysia (BNM) in regard of cryptocurrency.”
The Harapan Coin project was launched by Federal Territories Minister Khalid Abdul
Samad, the project will generate tokenized campaign funding for Pakatan Harapan
political party. Samad is preparing for the 2019 elections and generate the crypto
funding by seeking the approval by the Bank Negara Malaysia (BNM).
Samad, who had also sought out approval from Malaysia’s Prime Minister Mahathir Bin
Mohamad and Pakatan Harapan Presidential Council for their decisions on the ICO
project. He commented:
“I have prepared a presentation to be presented to these important parties. It may take a
while to get the approval as the prime minister himself is occupied with tight schedules.
And, this is not the main agenda as of now. But, I want to pursue this project.”
To address the fears that a politically funded cryptocurrency ICO could be manipulated,
Samad has concurred with Fadzil’s sentiment, that further regulation to limit outside
influences should be in place.