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The Shariah Advisory Council of Malaysia’s securities commission has advised that it is permissible to invest and trade cryptocurrencies on registered crypto exchanges. About 60% of the country’s population are Muslims who have been reluctant to trade crypto in fear that it might not be Sharia-compliant.
Shariah-Compliant Crypto Trading
The Shariah Advisory Council of the Securities Commission Malaysia (SC) reportedly revealed its position on cryptocurrency trading in the country at the Invest Malaysia 2020 event this week. SC chairman Datuk Syed Zaid Albar was quoted by the Edge Markets as saying during a teleconference panel session on Tuesday:
The SC Shariah Advisory Council has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges.
He added: “This is a really ground-breaking resolution by the SAC (Shariah Advisory Council) that could spur greater development and investment in digital assets … Once the resolution is finalised, we will issue further details.”
The Shariah Advisory Council was established with the endorsement of the Malaysian Ministry of Finance in 1996. Its mandate, according to the SC website, is “to ensure that the implementation of the Islamic capital market complied with Shariah principles. Its scope of jurisdiction is to advise the commission on all matters related to the comprehensive development of the Islamic capital market and to function as a reference centre for all Islamic capital market issues.”
Malaysia is a multiracial country with a current population of approximately 32 million, about 60% (19.43 million) of which are Muslims, the Islamic Tourism Centre of Malaysia described, adding that Islam is constitutionally the country’s official religion. “The Shariah Law in Malaysia is only applicable to Muslims and is used to resolve conflicts relating to creed and family matters,” the center noted.
Malaysia’s Cryptocurrency Regulation
Malaysia’s securities commission, Suruhanjaya Sekuriti Malaysia, started regulating the country’s cryptocurrency industry on Jan. 15 last year, when “the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019” went into effect. So far, three cryptocurrency exchanges have been approved to operate in the country: Luno Malaysia, Sinegy Technologies, and Tokenize Technology.
Several studies have been conducted to establish whether cryptocurrency trading is Sharia-compliant. News.Bitcoin.com previously reported that a research paper declares bitcoin compliant with Shariah law. There are also cryptocurrency exchanges that specialize in being Shariah compliant.
Japanese digital media giant Okwave Inc. recently concluded joint research on Shariah-compliant digital coins in collaboration with Universiti Teknologi Malaysia (UTM). Emphasizing that cryptocurrency adoption is growing worldwide, the company commented in January:
Statistics show that cryptocurrency usage in Muslim countries are amongst the lowest worldwide, which is attributed to their reluctance in legitimizing cryptocurrencies for fear that they are not compliant with Islamic law.
What do you think about the Malaysian Shariah Advisory Council’s decision on cryptocurrency? Let us know in the comments section below.
The post Malaysian Shariah Council Permits Cryptocurrency Investing and Trading appeared first on Bitcoin News.
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The Chinese police busted a massive crypto scam in Wenzhou that managed to amass over $14.31 million.
The Chinese authorities dismantled a significant crypto-related scam in Wenzhou. The scheme amassed over 100 million yuan ($14.31 million), which was seized along with a number of luxury cars and villas.
According to Toutiao, the gang has been operating since 2019 and primarily sought out victims through Telegram chat groups, including one called “Huobi Global Moving Brick Arbitrage HT Chinese Group Community.”
ETH, BTC, and USDT stolen from victims
The report states the scammers pretended to be investors who had benefited from an “investment scheme.”
The scammers told their victims that all they had to do was send their cryptos to a fake Huobi wallet address, and the “investor” would receive a more substantial amount in Huobi Token (HT) in return. Instead, they received a fake HT link.
The scammers told their victims that the scheme would guarantee 8% in returns.
Local media outlets commented that the group was known to frequent bars and nightclubs, where they would spend their stolen money. The allegedly rented presidential suites in hotels when they traveled across China, and even rented out large office buildings to establish a headquarters for their illegal endeavors.
According to the local police, over 1,300 people reported being scammed by the scheme, as the investigation is still ongoing.
Chinese authorities also dismantled a group of alleged scammers on May 21, posing as Huobi exchange officials, who were operating an over-the-counter (OTC) website.
The police arrested 12 suspects in Guangdong province believed to be behind the scheme, after an investigation found that WeChat crypto trading groups had been infiltrated from November 2019.
The Australian Government has reached out to the blockchain community to help identify opportunities for blockchain adoption in the supply chain and credentialing sectors.
Chicago-based lending firm Ceres recently filed for a request to conduct a Reg. A sale in order to get approval from the U.S. Securities and Exchange Commission (SEC). Ceres wants to launch a token that will be used for garnering equity, while the company also wants to launch a coin that can be used to lend to cannabis startups in need of funding.
Cryptocurrencies and cannabis culture go hand in hand in the eyes of many, and the company Ceres seems to be a firm believer of this theory. On June 30, 2020, filed paperwork from the company, Ceres Coin LLC to the U.S. Securities and Exchange Commission (SEC), shows the firm wants to conduct a Reg. A offering. Basically, a Regulation A offering is an exemption from the traditional registration requirements. It means that after the SEC approves the filing, Ceres can immediately accept payment for the token sales.
Essentially, Ceres’s business plan is to become a decentralized lending service for legal cannabis companies. Ceres will leverage two coins in order to harness equity and a coin that allows cannabis businesses to benefit from the funding. One coin will be a U.S. dollar-backed stablecoin, similar to the likes of tether (USDT). Ceres has asked the SEC to raise “up to $20,000,000 worth of its ‘coins’ and up to $30,000,000 worth of its ‘tokens.’”
The filing notes that token holders who obtain the equity version will be entitled to 80% of Ceres’s net revenues stemming from loans and 20% from the blockchain infrastructure. The filing also stresses that “payments for purchased tokens may be made in U.S. Dollars only.”
“It should also be noted that it is intended that the offer and sale of the coins will be deemed a “continuous offering” within the meaning of 17 CFR 230.251(d)(3) and that the offering of the coins will remain open for more than one (1) year,” the filing highlights in bold lettering.
The company also has a website called cerescoin.io and it gives a comprehensive description of what Ceres aims to accomplish. Ceres will follow the other regulated token offerings that were recently approved by the SEC. On July 10-11, 2019, two Reg. A token sales were approved by the SEC making history as the first two approvals.
At the time, the SEC approved Blockstack PBC and the Props Project. Ceres stresses that the Reg. A filing approach is a more sustainable method than leveraging the unregulated initial coin offering (ICO) method.
“In 2017, at the peak of the ICO craze, the team at Ceres realized that SEC regulation had to enter the picture for cryptocurrencies to be sustainable,” the company website notes. “Taking the initiative to do the harder right thing over the easier wrong thing, Ceres opted to avoid the ICO mania and engage directly with the SEC to provide a qualified cryptocurrency offering for the cannabis market.”
Ceres claims that the blockchain network, if approved by the SEC, will help bolster the cannabis industry, as far as regulatory guidelines and financial transparency is concerned. Ceres noted that the company plans to focus on the state of Washington and Illinois. The Chicago-based lending firm has already started working in Washington State when it invoked a beta test in the region.
“[During the fourth quarter of 2018, Ceres engaged] with the top producer/processors and dispensaries in Washington St., [as] Ceres plans to launch a beta test proving the capabilities of Ceres as a transactional coin through the cannabis ecosystem,” the firm notes on the company web portal.
What do you think about Ceres applying for a Reg. A sale with the SEC to sell two types of crypto coins? Let us know what you think about this subject in the comments section below.
The post Fueling the Cannabis Industry: US Crypto Lending Service Files for Regulated Token Sale appeared first on Bitcoin News.