[2017-12-15] Malaysia Issues Proposed Digital Currency Regulations for Public Review

[jamie.redman1]

Just recently, the Bank Negara Malaysia (BNM), the country’s central bank, has issued drafted digital currency regulatory guidelines for citizens and businesses residing in the region. The new regulations will fall under the country’s anti-money laundering and anti-terrorism financing act of 2001. If the guidelines are approved, cryptocurrency trading platforms must provide digital asset trade volume statistics, identify all customers, and also monitor transactions going in and out of the exchange.

The central bank of Malaysia, BNM, has issued a draft of digital currency exchange regulations for public consultation. The laws will apply to all trading platforms that deal with cryptocurrencies, and any one individual can also be considered an “exchange” if they sell digital assets. For larger operations, there will be “transparency obligations” where trading platforms will be required to provide data to the BNM’s reporting entity.

“A digital currency exchanger must also declare its details to the Bank as a reporting institution,” explains the central bank. "Failure to declare its details as reporting institutions or comply with the reporting obligations may subject the digital currency exchangers to the enforcement and non-compliance actions as provided under the AMLA as well as the potential termination or denial of use of financial services in Malaysia."

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