A Malaysian central bank official stated: “We hope that by year end, BNM will be able to come out with some guidelines on cryptocurrency, particularly those related to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector.”
For many years, the Malaysian government and its central bank have imposed strict capital controls and restricted the outflow of the Malaysian ringgit outside of the country. Consequently, emigrant workers in Malaysia have struggled to send large sums of money or remittances to their families overseas. Such a legalization will definately be of a great deal to them.The legalization of bitcoin in Malaysia could provide an alternative financial and remittance system to emigrant workers and foreign investors to move money out of the country efficiently.
Leading bitcoin service providers and brokerages such as Coins.ph, which recently secured $19 million in funding from leading venture capital firms including Nasper, have expanded their operations to Malaysia. Through the decentralized network of bitcoin, expat workers will be able to send money back to their families. Most countries in Asia including the Philippines, Thailand, Vietnam, Japan, and South Korea have evolved into well established and regulated bitcoin markets.
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