Renaissance Hotel, Kuala Lumpur, 5th July 2018
Contributor: Mohd Hasan Bin Mohd Saaid
Editor : Mastura Ishak
During the forum organised by University of Malaya under its Faculty of Law together with University of Malaya Malaysian Centre of Regulatory Studies (UMCORS),the Malaysian Block the chain Regulatory Report was launched followed by two panel sessions to expand on the main focus of the report, i.e. issues related the Initial Coin Offering (ICO) and on the Personal Data Protection Act (PDPA) in the context of recently enforced EU’s General Data Protection Regulation(GDPR) from the perspective of Blockchain.
The discussions mainly concentrated on how the blockchain regulatory could provide competitiveness of Malaysia’s economy. The report attempted to answer how regulatory could spur innovation rather than limiting the potential. Some of the ideas highlighted include:
- Unintended consequences of the “The Right to be Forgotten” due to its immutable features.
- The need for policymakers to understand deeper on the technical aspect of blockchain. This would improve how the policy can cater wide ranges of blockchain application.
Mrs Mastura Ishak, was given the stage in the concluding session to speak on the way forward for Blockchain regulation in Malaysia together with Mr. Adam Vaziri, Founder and CEO of QRC Group Plc. MIGHT highlighted the fact that as a part of the broader group of digital technologies, Malaysia needs to inspect blockchain and the relevant regulations, in both financial and non-financial applications and how it can improve the country’s competitiveness. Mr Adam Vaziri highlighted the need to acknowledge ICOs, both its contributions and risks, and to manage it to benefit the country.