SUCCESSFUL LAUNCH OF BLOCKCHAIN REGULATORY RESEARCH REPORT PUTS UM AT FOREFRONT OF GROUNDBREAKING TECHNOLOGY
With the aim of encouraging a compliant regulatory ecosystem that fosters innovation while safeguarding the public interest, the University of Malaya (UM) successfully launched its Blockchain Regulatory Research Report at the Renaissance Kuala Lumpur Hotel on 5 July 2018. Featuring leaders from across academia, industry and government, the event highlighted both the transformative potential and the regulatory challenges associated with the integration and development of blockchain technology in Malaysia.
Acknowledging the importance of blockchain in an increasingly digitalized world, the Vice-Chancellor of UM, Datuk Ir. (Dr.) Abdul Rahim Hj. Hashim highlighted the university’s receptiveness to “initiatives by our academic community to venture into cutting-edge topics that are important to our economy and society at large.” The event commenced by addressing the adoption of blockchain worldwide, followed by plenary sessions on the viability of initial coin offerings, regulation of digital currency exchanges and the impact of blockchain on data privacy and consumer protection. Concluding remarks on the way forward for blockchain regulations in Malaysia were provided by Adam Vaziri, Founder and CEO of QRC Group plc (QRC), and Mastura Ishak, Programme Director (Blockchain) of the Malaysian Industry-Government Group for High Technology.
The culmination of a year-long research project, the 242-page Blockchain Regulatory Research Report provides an introduction to the technical and regulatory background of the blockchain technology; addresses the prospects and challenges of blockchain in Malaysia; provides an overview of the regulatory approach on blockchain in various jurisdictions; discusses the legal issues related to blockchain in ICOs, money services businesses, data privacy and consumer protection; and provides recommendations by the researchers to private and public stakeholders.
Financial support and technical training were provided by QRC, a leading service provider and investor in blockchain regulatory technology that partners with top universities in its pursuit of integrating blockchain into mainstream society. In summing up the need for a compliant regulatory environment, research team leader Nur Husna Zakaria encouraged, “All sectors of society to come together and work hand in hand with the government in developing regulations to ensure that the interests of entrepreneurs, private investors and the public continue to be adequately promoted and protected.”