No more announcements on Harapan Coin until regulatory framework in place

Finance Minister Lim Guan Eng.

KUALA LUMPUR: Finance Minister Lim Guan Eng says there will be no further statements on the Harapan Coin cryptocurrency which has been heavily promoted by Federal Territories Minister Khalid Samad.

“I have communicated with the minister who made the announcements, and he has agreed not to make anymore statements relating to the matter,” he said in a press conference today.

He also urged those who wished to issue cryptocurrencies to wait for the regulatory framework from the Securities Commission Malaysia.

He added that it would be premature to put any cryptocurrencies on the market without the framework in place.

“If there are any suggestions, please refer to the Securities Commission and Bank Negara Malaysia (BNM),” he said, adding that his ministry would be coordinating with these two groups.

Khalid previously said he had been involved in the Harapan Coin project even before the May 9 polls. The project has since come under scrutiny by politicians from both sides of the divide.

Without giving specific names, Lim said the minister in question had not realised that his remarks would be so widely reported.

“He has agreed that in the future, all this should be channelled through the Securities Commission, BNM and the finance ministry.

“I always say that in any venture, we must have the 5 C’s. We must encourage certainty, clarity, consistency and continuity; only then can you have credibility, especially when we talk about financial instruments.”

Securities Commission executive chairman Syed Zaid Albar meanwhile said the first draft of guidelines for the FundMyHome peer-to-peer scheme had been completed.

He said the commission would now engage with industry players and the relevant stakeholders.

“We want to get everyone’s views. We’ll move forward from there,” he said, adding that they hoped to issue the regulations by the first quarter of 2019.

He said the commission wished to ensure that investors, in this case the house buyers, were protected. - FMT