Malaysia’s new guide­lines on cryp­tocur­rency

Banking Frontiers - - Regulator -

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.

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