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Bank Negara To Release Concept Paper On Cryptocurrency In February

Bank Negara To Release Concept Paper On Cryptocurrency In February

Bank Negara to release concept paper on cryptocurrency in February Updated about 2 months ago Published on 10 Feb 2018 2:57PM 0 comments Unlike countries that have decided on an outright ban, Malaysia will not curb innovation and creativity in the financial sector, particularly in financial technology, by following suit. EPA pic, February 10, 2018. A CONCEPT paper on cryptocurrency will be completed and released this month for the public to decide for themselves whether they should invest, said Bank Negara Malaysia governor Muhammad Ibrahim. Basically, we are going to make the promoter of the cryptocurrency, which includes Bitcoin, Ethereum and Ripple, be more transparent, the methodology transparent and the people behind it transparent too. Hopefully, by doing this, the people can make their decision on whether to invest in cryptocurrency, he said during a question-and-answer session at the Harvard Business School Alumni Club of Malaysias 40th anniversary dinner, recently. About 250 of Harvard Business School alumni attended the dinner. He said Malaysia was taking a slightly different approach towards the cryptocurrency, unlike some countries which had decided on an outright ban. We are not going to ban it for now, but we are going to let the market decide the future of cryptocurrency. The key point is that they must know what they are (getting into), he said, adding that BNM did not recognise the cryptocurrency as fiat money. Finance Minister II Johari Abdul Ghani had said Malaysia would not impose a blanket ban on cryptocurrencyas there was avid and growing interest in a currency that was free of regulatory laws. He said banning the cryptocurrencies, including bitcoin, would curb innovation and creativity in the financial sector, particularly in financial technology Continue reading >>

No Ban On Cryptocurrency Tradings, Says Johari - The Malaysian Reserve

No Ban On Cryptocurrency Tradings, Says Johari - The Malaysian Reserve

No ban on cryptocurrency tradings, says Johari No ban on cryptocurrency tradings, says Johari BNM will not impose a blanket ban on cryptocurrencies, including bitcoin Malaysia will not impose a blanket ban on cryptocurrency tradings as more locals bet on the new investment asset class and growing interest for a currency that is free from regulatory claws. Finance Minister II Datuk Seri Johari Abdul Ghani said the central bank will not impose a blanket ban on cryptocurrencies, including bitcoin, as such action will only curb innovation and creativity in the financial sector, particularly financial technology. The government is fully aware of the need to strike a balance between public interest and integrity of the financial system, he told The Malaysian Reserve in a recent interview. Johari said the monetary authority is taking a cautious approach with digital currencies including bitcoin to ensure safety measures are in place to protect the interest of the public. It is not the intention of the authorities to ban or put a stop on any innovation that is perceived to be beneficial to the public, he said. However, similar to any financial and investment schemes, there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained, he said. Johari said although Bank Negara Malaysia (BNM) does not regulate digital currencies presently, it will ensure digital currency exchanges (DCEs) comply with requirements to conduct customer due diligence and report suspicious transactions to the authorities. While plans are in place for the central bank to recognise regulated DCEs, Johari (picture) said the appointments will only be done with the proper cryptocurrencies regulation in place. He said information obtained from Continue reading >>

Is Bitcoin Legal In Malaysia?

Is Bitcoin Legal In Malaysia?

Bitcoin seems to be all the craze these days. Its making financial headlines almost everyday. The news is usually about the price of Bitcoin hitting new highs, but there are also news about hacks where a lot of Bitcoin was stolen . Bitcoin is a cryptocurrency, which is basically a digital currency - just like the Ringgit, except it only exists on a computer. You can find the finer details here if youre interested. We wont go into a discussion about the features of Bitcoin, so well leave it at that a lot of people like the advantages Bitcoin offers over conventional currency like the Ringgit. Bitcoin has gained so much traction that some of our local shops have started accepting it, such as this Kelantanese nasi kerabu stall , and these noodle stalls in Puchong, Selangor . You might not have even questioned whether Bitcoin is legal in Malaysia, until some other countries started banning it . Our own Bank Negara was also deciding on how to treat Bitcoin in October 2017 (well get to their actual decision later). But in the first place, is Bitcoin legal or not? Bitcoin is not recognized as money in Malaysia One of the key features of Bitcoin is that its not issued by the Central Bank of any country. The thing is, this feature is exactly what makes Bitcoin not recognized as money in Malaysia (or not legal tender as the law puts it). Just like these ancient coins. Image from ngccoin In Malaysia, whats recognized as currency is controlled by the Central Bank of Malaysia Act 2009 (CBM 2009), and Part III of the Central Bank of Malaysia Act 1958 (CBM 1958). Under Section 20 of the CBM 1958, only Bank Negara has the right to issue currency in Malaysia - any currencies issued by other people are illegal. Section 20 of the Central Bank of Malaysia Act 1958 The Bank shall have the Continue reading >>

Bank Negara Wants Digital Currency Exchangers To Report Their Activities

Bank Negara Wants Digital Currency Exchangers To Report Their Activities

Bank Negara wants digital currency exchangers to report their activities KUALA LUMPUR: Bank Negara has reiterated its stand that bitcoin and its cryptocurrency siblings are not legal payment methods in Malaysia, as the central bank initiates a policy compelling digital currency exchange operators to report their activities. Under the new policy, digital currency exchangers will be categorised as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). The invocation of reporting obligations on digital currency exchangers is the first step towards making digital currency activities more transparent in Malaysia, Bank Negara said in a statement. The reporting obligation to be imposed on these digital currency exchangers, Bank Negara said, is consistent with the requirement invoked under the AMLA on other sectors such as legal and accounting firms, as well as real estate agents which do not fall under the central banks purview. It also does not connote authorisation, licensing, endorsement or validation by Bank Negara on any entities involved in the digital currency exchange services. The public is reminded that digital currencies are not legal tender in Malaysia, it said, reiterating a stand the central bank first made in 2014. So far, Japan is the only country in the region to recognise bitcoin as a legal payment method. Because bitcoin and its siblings are not recognised by Bank Negara, users of these digital currencies will not be covered under established disputed resolution arrangements in the event of any dispute or losses. Digital currency businesses are not covered by prudential and market conduct standards, or arrangements that are applicable to financial institutions regulated by Bank N Continue reading >>

Malaysia's Bank Negara Publishes Regulations For Cryptocurrency Exchanges

Malaysia's Bank Negara Publishes Regulations For Cryptocurrency Exchanges

Malaysias Bank Negara the countrys central bank, has just published new draft regulations for cryptocurrency exchanges that take place within this Asian nation. Announcing the developments through its official website, Bank Negara asked the public to weigh in on the new regulations as a way of countering various crimes. BNM governor Muhammad Ibrahim expects the rules to be able to stop cases of money laundering and financing terror-related concerns using digital currencies in Malaysia. The announcement was on Thursday 14th, 2017, following months of work that involved ironing out the regulatory framework. Working on it started way back in September and brought together dignitaries at a Counter-Terrorism Financing Summit, although no one expected them to have been finalized by now. Back then, Reuters had reported the giant banks motives that were in line with the countrys anti-money laundering and anti-terrorism financing Act. Proposed Regulations Are Meant For Market Integrity And Investor Projection It isnt a secret that cryptocurrencies can be used in illegal deals, including funding terrorists. Bitcoins are decentralized , unregulated and highly valuable and thats why criminals prefer to use them instead of fiat currencies. And with Malaysia having many terror-affiliated criminals, maybe this will be a smart move. The proposed regulations would require corporates to verify identities of the clients, monitor all cryptocurrency-based transactions , and report any questionable dealings to the Malaysian authorities. Furthermore, the rules will need all companies to report usage statistics to the countrys central bank regularly. The draft regulations state that everyone would be advised to follow due diligence and assess the risks involved when dealing with anything that Continue reading >>

Malaysia's Central Bank Releases Draft Rules For Cryptocurrency Exchanges

Malaysia's Central Bank Releases Draft Rules For Cryptocurrency Exchanges

Malaysia's Central Bank Releases Draft Rules for Cryptocurrency Exchanges Dec 14, 2017 at 20:00 UTC|UpdatedDec 14, 2017 at 21:02 UTC Malaysia's central bank has published new draft regulations for cryptocurrency exchanges that operate in the country. On Thursday, Bank Negara Malaysia announced the move in a release on its website , asking the public to weigh in on measures aimed at easing money laundering and terrorist financing concerns related to cryptocurrencies. Following months of work in this area, the proposed regulations require businesses to verify their customers' identities, monitor transactions and report any suspicious activities toMalaysian authorities. Additionally, companies must report usage statistics to the central bank. If approved, the regulations would apply to any person or company which exchanges cryptocurrency on behalf of someone else.And while the regulations acknowledge that companies might use cryptocurrencies, the nation officially still does not recognize them as legal tender. "Members of the public are therefore advised to undertake the necessary due diligence and assessment of the risks involved in dealing in digital currencies or with entities providing services associated with digital currencies." Bank Negara Malaysia is taking written feedback on the draft rules until Jan. 14, according to the release. The regulations were explained by governor Muhammad Ibrahim last month as tools to prevent illicit money transmission. While the regulations will only apply to exchanges - "which are being referred to as "reporting institutions" - the country's securities regulator is looking at creating a framework for cryptocurrencies in general as well. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalist Continue reading >>

Bitcoin In Malaysia: Will The Malaysian Government Ban Bitcoin Trade?

Bitcoin In Malaysia: Will The Malaysian Government Ban Bitcoin Trade?

The fate of cryptocurrency trading in Malaysia now wearily rests on the shoulders of its citizens, according to a recent report. Malaysias central bank, Bank Negara, is expected to outline its stance on bitcoin in the near future with the publication of a cryptocurrency concept paper. But ahead of drafting the crucial document, Bank Negara governor Muhammad Ibrahim is said to have confirmed he will neither officially denounce nor recognise the token. Mr Ibrahim said: Basically, we will let the cryptocurrency promoters including bitcoin , Ethereum and Ripple to be more transparent, the methods to be more transparent and people behind the scene are to be more transparent too. Bitcoin price news: What is value of bitcoin today? Why is BTC falling "By doing so, the public can decide on its own if they want to invest in cryptocurrencies. The news comes off the back of Finance Minister II Johari Abdul Ghani saying his Government would not be banning cryptocurrencies. The Minister was concerned such a move would only stifle creativity and innovation in the financial sector. Malaysia's second Finance Minister said earlier in January banning cryptocurrencies would would damage the countrys growing fintech sector. Continue reading >>

Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines For Crypto

Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines For Crypto

Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines for Crypto Malaysia is set to issue new cryptocurrency guidelines by the end of 2017. A recent statement by Malaysias Bank Negara governor that Malaysia may be the next to open its doors to Bitcoin has generated substantial interest in the cryptocurrency community. This would undoubtedly increase the use of Bitcoin by many millions, as residents within the country would have access to relatively cheap payment remittance platforms that were otherwise non-existent. According to one source , this change could come as quickly as November after the meeting that is to determine the central banks stance: During this meeting, it will be decided how the economy should be positioned in regards to cryptocurrencies. It appears this will also be the final meeting among regulators to determine the future of Bitcoin and altcoins in Malaysia moving forward. The government is following a trajectory that has been adopted by a number of other governments in recent months. Australia and Hong Kong have both issued statements indicating a generally positive outlook for Bitcoin, ICOs, and cryptocurrencies generally. The Malaysias Bank Negara governor Tan Sri Muhammad Ibrahim addressed the Global Symposium on Developing Financial Institutions saying: We hope to come out with guidelines on cryptocurrencies before the end of the year: in particular, those relating 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. While not an explicit statement, it is suggesting that the government will legalize Bitcoin as a currency , the statement indicates that, after adding guidelines, the country will allow its citizens to participate in the cryptoc Continue reading >>

Bank Negara Malaysia Archives - Bitcoin News

Bank Negara Malaysia Archives - Bitcoin News

This week the Bitcoin ABC developers officially announced the much anticipated Bitcoin Cash network hard fork on May 15 read more. News.Bitcoin.com is Hiring Editorial Staff In Tokyo, Stockholm and Your Town. Are you an experienced news editor or a news reporter with a nose for crypto? We are on a roll increasing our readership every day serving millions of readers each month read more. Click here to view recorded livestreams from the Satoshis Vision Conference, that took place in Tokyo this weekend (MAR 23-25). Listen to The Bitcoin .com Podcast Network Available for Android and iOS: Try out the new Bitcoin .com Mobile Wallet Download the Bitcoin.com Wallet right to your device for easy and secure access to your bitcoins. Perfect for beginners, the Bitcoin.com Wallet makes using and holding bitcoins easy. No logins required. Facebook has recently made some changes to show you less news and more family-oriented pics and videos even though youve previously subscribed. Heres how to make Facebook show you our content again; Facebook has recently made some changes to show you less news. Heres how to make Facebook show you our content again; a. Visit our Facebook Page b. Click the Follow button under our cover image. c. Select the See first option. pic.twitter.com/tFmrF73WQ7 Continue reading >>

Reasons Behind Bank Negara Malaysia's Regulations On Cryptocurrency

Reasons Behind Bank Negara Malaysia's Regulations On Cryptocurrency

Malaysias cryptocurrency guidelines determined that cryptocurrency isnt legal tender in Malaysia, and that exchanges need to adhere to KYC rules. The public needs to be careful when transacting in crypto, due to its volatility, and how Bank Negara wont be able to help in case of misconduct. Cryptocurrency is a nascent stage, but if it gains more commercial traction, countries might consider issuing a sovereign cryptocurrency as a safe alternative to counter the use of decentralised cryptocurrency. After a long wait, Bank Negara finally issued a cryptocurrency guideline in Malaysia in February; it basically decrees Malaysians can trade in cryptocurrencies, as long as exchanges and individuals collect information like theirfull name, address, and date of birth of all customers, in addition to ID documentation. This guideline came out after the market was left reeling from a recent crash in Bitcoins value . The regulator has also concluded that cryptocurrency isnt legal tender in Malaysia, so individuals who still choose to transact in them are encouraged to keep that in mind and conduct their own due diligencein case of robberies or losses. Malaysia follows a global trend looking to increase transparency in cryptocurrency tradersin hopes of a clear money trail, insight on thecryptocurrency cashflow in and out of the nation, and to help circumvent issues like money laundering. At the Malaysia Fintech Expo earlier this week, we managed to get some insight on why Malaysia has chosen to take a more permissive stance on the controversial coin. During a keynote speech by Tan Nyat Chuan, Director of the Payment Systems Policy of Bank Negara Malaysia (BNM), someamong the crowd stood up to ask questions relating to cryptocurrency. While Tan may not directly handle the crypto-regu Continue reading >>

Cryptocurrency Traders Await Bank Negara Guidelines On Digital Coin Atms

Cryptocurrency Traders Await Bank Negara Guidelines On Digital Coin Atms

Cryptocurrency traders await Bank Negara guidelines on digital coin ATMs PETALING JAYA: Malaysia may have seen its first digital coin auto teller machine in 2016, before the global cryptocurrency craze peaked at end-2017, but the number has not grown beyond one because, as one operator sees it, the operation of such a facility currently falls under a grey area of the countrys existing laws. There was no mention of the regulation of digital coin auto teller machines more commonly known as bitcoin ATMs or BTMs in Bank Negara Malaysias (BNM) policy document on cryptocurrencies released about two weeks ago. Earlier, XBit Asia co-founder Yuwarajan K told SunBiz that the company will wait for a comprehensive framework on digital currencies before bringing in any bitcoin ATM. We dont have a bitcoin ATM yet because BNM has to come out with all these things (the framework) first. Its very simple. With an ATM, you will know whos withdrawing and depositing. There is a mechanism for knowing this. Were in talks with them (the central bank), but the framework has to be out, he said. Yuwarajan said XBit Asia, as a digital currency exchange which has been operating since September 2016, can operate BTMs which are connected to the platform, but they have chosen to hold off doing so while awaiting guidelines from BNM. PinkExc, another digital currency exchanger, brought in the countrys first BTM in 2016. Besides bitcoin, the machine, which is in Ipoh, also trades dash and litecoin. It allows trading of coins up to RM300 with a 10% processing fee per transaction. PinkExc founder Fitry Daud said the company is still in talks with Bank Negara on the operation of BTMs. We didnt receive any letter from BNM on the matter. The company has said that it plans to set up 100 BTMs in Southeast Asia Continue reading >>

Igp: Police Working With Bank Negara To Tackle Bitcoin Fraud

Igp: Police Working With Bank Negara To Tackle Bitcoin Fraud

IGP: Police working with Bank Negara to tackle Bitcoin fraud By NOR AZIZAH MOKHTAR - February 26, 2018 @ 3:15pm KUALA LUMPUR: Police are working closely with Bank Negara Malaysia (BNM) to handle a new trend in cheating cases involving crypto-currency Bitcoin. Inspector-General of Police Tan Sri Mohamad Fuzi Harun said, even though there were less than five known cases in the country so far, police wanted to be always at the ready should the trend grow. We are investigating the cases we have so far... the amount involved is minimal. Even though the number of cases and the amount involved are small, the Commercial Crime Investigation Department (CCID) must and will train its investigators so that they can handle such cases well, he said at the Federal police headquarters monthly gathering in Bukit Aman. Federal CCID director Datuk Seri Amar Singh said BNM was helping police by sharing its expertise and knowledge on crypto currency fraud cases. In 2014, BNM had issued a statement that Bitcoin trading was not acknowledged as legal in Malaysia. Last year, however, the central bank had proposed that guidelines be produced for crypto-currency focusing on money laundering and financial support for terrorist activities. Besides Bitcoin, other forms of crypto-currency are Ethereum, Zcash, Dash, Tezos, Ripple dan Monero. Meanwhile, Fuzi said commercial crime has shown a worrying trend in Malaysia over the past four years. He said the force must take proactive measures in order to curb the trend. Fuzi said megatrends involving digital technology, aided by social media access in a global, borderless world, had contributed greatly to various commercial crime trends, particularly in the cyber world. Citing police statistics, he said the number of commercial crime cases in 2015 stood Continue reading >>

Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines For Crypto - Cryptocurrencycare.com

Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines For Crypto - Cryptocurrencycare.com

Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines for Crypto In the wake of recent and painfulChinese cryptocurrency lockdowns, other countries are beginning to be more open to Bitcoin and others. A recent statement byMalaysiasBank Negara governor Tan Sri Muhammad Ibrahim at the Global Symposium on Developing Financial Institutions would indicate that Malaysia may be the next to open its doors to Bitcoin. The governor addressed a number of different financial sectors but stated clearly that the Bank Negara was working on cryptocurrency guidelines. He said: We hope to come out with guidelines on cryptocurrencies before the end of the year: in particular, those relating 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. While not an explicit statement, it is suggesting that the government will legalize Bitcoin as acurrency, the statement indicates that, after adding guidelines, the country will allow its citizens to participate in the cryptocurrency market legally. Malaysiahas already been seen as an excellent location for Bitcoin and other cryptocurrencies, and a legalization would create a mass of new investment into the country. Continue reading >>

Meet The 9 Cryptocurrency Exchanges In Malaysia Registered With Bnm

Meet The 9 Cryptocurrency Exchanges In Malaysia Registered With Bnm

Bank Negara Malaysia has published the list of cryptocurrency exchanges in Malaysia that has registered itselves as a reporting entity with the regulator. This follows our report issuance of the policy paper titledAnti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6). While these entities are registered with the central bank we would like to reiterate as we did in our previous articles that, Bank Negara Malaysia emphasises in this policy paper that reporting organisations i.e exchanges are not allowed to portray itself as a licensed entity under the central bank though they have reporting obligations to the regulator. Investors in cryptocurrencies should also be mindful that since these exchanges are only reporting entities and not regulated entities, there will be no elements of consumer protection the will be no formal channels in which investors can seek redress should there be any losses incurred when dealing with cryptocurrencies. The regulation also does not address cyber-security aspects, which means if any losses were to be incurred due to hacks, it is likely that Bank Negara wont be able to intervene and protect the consumers. The policy paper and having exchanges report to Bank Negara Malaysia is only primarily geared at preventing money laundering and terrorism financing. With that out of the way, let us have a look at some of the cryptocurrency exchanges in Malaysia registered with Bank Negara Malaysia. Continue reading >>

Bank Negara Keeps Tight Rein On Digital Currencies With Policy Paper

Bank Negara Keeps Tight Rein On Digital Currencies With Policy Paper

Bank Negara keeps tight rein on digital currencies with policy paper KUALA LUMPUR: Bank Negara Malaysia is keeping a tight rein on digital currencies such as bitcoin with effective measures against money laundering and terrorism financing risks. In its policy statement issued on Tuesday, it emphasised that while digital curencies are not legal tender in Malaysia, it wanted to increase the transparency of digital currency activities in the country. Bank Negara highlighted the reporting obligations on the digital currency business are not an authorisation, licensing, endorsement or validation by the bank of digital currency exchange services, and that digital curencies are not legal tender in Malaysia. Its document, entitled Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6), incorporated the feedback received during public consultation on the exposure draft released on Dec 14, 2017. It received feedback from representatives of existing digital currency exchangers, industry associations, law firms, financial institutions, academia as well as interested individuals. Bank Negara pointed out digital currency businesses are not covered by prudential and market conduct standards or arrangements that are applicable to financial institutions which it regulates. "Members of the public are advised to carefully evaluate the risks associated with dealings in digital currencies." BNM advised any persons involved in digital currencies to refer to the policy to determine its applicability and comply accordingly. "Persons covered under the policy as reporting institutions are expected to comply with the provisions of the Companies Act 2016 including the requirement to be incorporated or registered." According to the policy document any per Continue reading >>

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