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Draft rules for cryptocurrency exchanges published in Malaysia

The central bank of Malaysia has published new draft rules for the exchanges of cryptocurrency, which operate in the country.

14.Dec.17 3:16 PM
By Daria Zaytseva


Draft rules for cryptocurrency exchanges published in Malaysia
On Thursday, Bank Negara Malaysia announced the move in its release on website, which asked the public to weigh measures aimed at alleviating the problems associated with money laundering and terrorist financing related to cryptocurrencies.

After several months of work in this area, the proposed rules require companies to verify the identity of their customers, track transactions and report any suspicious activities to Malaysian authorities. In addition, companies must report usage statistics to the central bank.

If approved, the rules would apply to any person or company that exchanges cryptocurrency on behalf of someone else. And although the rules recognize that companies can use cryptocurrencies, the country officially still does not recognize them as legal tender.

Bank Negara Malaysia accepts written feedback on the draft regulations until January 14, according to the release.

These rules were explained by governor Muhammad Ibrahim last month as a tool to prevent the illegal transfer of money. Although the regulations will apply only to exchanges - "which are called"reporting institutions"- the country's securities regulator is also considering the possibility of creating a basis for cryptocurrencies in general.

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