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Malaysia is planning to introduce reporting rules for cryptocurrency

The governor of the central bank of Malaysia, Bank Negara Malaysia (BNM), has described in more detail its forthcoming regulatory framework.

22.Nov.17 1:10 PM
By Daria Zaytseva


Malaysia is planning to introduce reporting rules for cryptocurrency

It is aimed at countering the illegal uses of cryptocurrencies.

In statements made today at a counter-terrorism financing summit, the governor of BNM Muhammad Ibrahim said that new rules are currently being developed to combat the financing of money-laundering and terrorism in the country.

According to Reuters, Ibrahim said that within those who convert the digital currency into ordinary money, they will be called "reporting institutions" from next year under the framework of the law of anti-money laundering and anti-terrorism financing in the country.

Reporting authorities are required by law to take preventive measures, such as submitting suspicious transaction reports, avoid acting as a channel for illegal transfer of money.

Although the governor did not specify the exact time frame for completing the development of the new regulations, it has been developing the plan since last September.

Earlier this month, the Malaysia securities regulator, Securities Commission of Malaysia, also showed that it is developing a regulatory framework for cryptocurrencies. The agency aimed at "market integrity and investors projection", indicated that it is working with the central bank during this process.

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