Malaysia And Cryptocurrency 2017-11-22
For Malaysian Trader
Bank Negara Malaysia stated that those trading in cryptocurrencies will be placed under the country's existing anti-money laundering laws. This is to "prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system.
The Star Online quoted: "Bank Negara is developing the regulatory structure for digital currencies, and from 2018 onward, persons converting cryptocurrencies into fiat money currencies will come under anti-money laundering law."
Such persons "would be designated as reporting under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities."
What would happen to the existing Malaysian cryptocurrencies traders???
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