Malaysian authorities plan to introduce regulatory framework for cryptocurrencies

Recent reports say that the Malaysian government is preparing a regulatory framework for cryptocurrencies.

Governor Muhammad Ibrahim stated in a financial summit that through the new regulatory framework, individuals that convert cryptocurrencies into fiat money will be declared “reporting institutions”. This would require financial institutions to properly audit each exchange from cryptocurrencies to fiat, in order to appropriately detect any illegal activities.

Ibrahim stated:

This is to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system.

Any information that we have that is relevant to the security of our friends in the region, we will share. My expectation is that will be reciprocated.

Malaysian regulators fear that cryptocurrencies may be used to finance terrorism-related groups and its operations. There have been previous incidents were terroristic groups used bank transfers to finance their illegal activities.

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Written by Brad Chillum

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