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Central Bank of Malaysia is close to developing new rules for crypto-currencies

According to reports, the central bank of Malaysia is planning to develop standards for the crypto currency by the end of this year.

20.Sep.17 6:13 AM
By Daria Zaytseva


Central Bank of Malaysia is close to developing new rules for crypto-currencies

Muhammad bin Ibrahim, governor of Negara Bank Malaysia (BNM), told reporters at a symposium on September 19 that the institute wants to develop rules for trade and exchange of crypto-conversions. According to him, this process will also include the strengthening of existing rules on money laundering and the financing of terrorism, the regional news source Free Malaysia Today reports.

According to Bin Ibrahim, they hope that by the end of the year they would be able to work out some recommendations on crypto-currencies, in particular those related to combating money laundering and the financing of terrorism.

At present, it is not clear in what form these regulations will operate, and whether other regulators will participate in this process. However, this step represents a shift in position from the Central Bank, which stated in early 2014 that it "does not regulate operations with bitcoin."
At that time, BNM said that it did not consider bitcoin to be legal tender.

In addition, the statements represent the latest regulatory developments in Malaysia around the technology. Earlier this month, the Malaysian Securities Commission, which oversees financial markets in the country, warned investors against the initial coin offering (ICO).

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