Malaysia’s new guidelines on cryptocurrency
Bank Negara Malaysia has come out with draft regulations for cryptocurrency exchanges that operate in the country. A notification said the public should weigh in on measures aimed at easing money laundering and terrorist financing concerns related to cryptocurrencies. The proposed regulations require businesses to verify their customers’ identities, monitor transactions and report any suspicious activities to authorities. Additionally, companies must report usage statistics to the central bank. The regulations would apply to any person or company which exchanges cryptocurrency on behalf of someone else. And while the regulations acknowledge that companies might use cryptocurrencies, Malaysia officially still does not recognize them as legal tender.