Malaysian Authorities Creating Cryptocurrency Regulatory Infrastructure

Malaysian Authorities Creating Cryptocurrency Regulatory Infrastructure

According to reports on November 22, 2017, the Malaysian central bank governor Muhammad Ibrahim said that the country is in the midst of creating a structure to regulate cryptocurrencies. These statements came during a summit addressing counter-terrorist financing efforts. Ibrahim said that a designation of "reporting institutions" will be ascribed to those entities offering the exchange of cryptocurrencies under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act. The law will require these “reporting institutions” to take precautions to ensure compliance with AML regulations, and will effectively make their financial goings-on auditable. The timeline for establishing these […]