CryptoCoinsInfoClub.com

Bitcoin Bank Negara Malaysia 2018

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 >>

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 >>

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 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 >>

9 Malaysian Banks Team Up For Trade Finance Blockchain Apps

9 Malaysian Banks Team Up For Trade Finance Blockchain Apps

9 Malaysian Banks Team Up for Trade Finance Blockchain Apps NineMalaysian banks have teamed up to develop blockchain applications for trade finance, according to the country's central bank. In a speech at a banking event on Thursday,Jessica Chew Cheng Lian, deputy governor of Bank Negara Malaysia (BNM), took a positive tone, saying the country is embracing emerging financial technologies, including blockchain, to advance banking services. "In the blockchain space, the industry in a number of jurisdictions has pooled resources to defray the cost of experimentation involved in developing scaleable use cases for the technology's application. In Malaysia, nine banks have done this by coming together to develop blockchain applications for trade finance." While the deputy governor's remarks did not disclose which banks are involved in the collaboration, or further details of blockchain project being developed, they offer a window into the central bank's approach to the techology. To that effort, Lian further said that BNM has formed an open Application Program Interface implementation group, with members from the financial sector, as well as major fintech startups, whose main agenda is to develop a standardized open API framework. The effort is aimed to further broaden access to financial technologies such as blockchain in a bid to facilitate adoption by financial institutions, according to Lian. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. 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 >>

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 >>

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 >>

Bank Negara Keeps Tight Rein On Digital Currencies

Bank Negara Keeps Tight Rein On Digital Currencies

Bank Negara keeps tight rein on digital currencies PETALING JAYA: Bank Negara 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 yesterday, the central bank emphasised that while digital currencies are not legal tender in Malaysia, it wanted to increase the transparency of digital currency activities in the country. Bank Negara highlighted that 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 currencies are not legal tender in Malaysia. Its document, entitled Anti-Money Laundering and Counter Financing of Terrorism Policy (AML/CFT) 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. The central bank pointed out that 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. Bank Negara 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 poli Continue reading >>

Malaysia's Central Bank Issues Cryptocurrency Regulation

Malaysia's Central Bank Issues Cryptocurrency Regulation

Malaysia's central bank issues cryptocurrency regulation February 5th 2018 | Malaysia | Financial regulation The global frenzy around cryptocurrencies such as bitcoin and ethereum has caused prices to fluctuate wildly over the past year, with the price of bitcoin rising from roughly US$800/coin in January2017 to more than US$19,000/coin in December, before falling to around US$10,000 in early February2018, according to Coindesk, a news website. Malaysia has been no exception, with four crypto-exchanges currently in operation. As the market develops, concerns about criminal activity, fraud and tax evasion have led to increased regulation, which Bank Negara Malaysia (BNM, the central bank) hopes will strike a balance between security and innovation. Cryptocurrency mania has swept through Asia over the past year. Japan is fast becoming one of the largest cryptocurrency markets in the world, with nearly a third of bitcoin transactions conducted in yen. South Koreans have perhaps been the most active adopters, with its Bithumb exchange the world's busiest. Bitcoin specifically has achieved mainstream status, with bitcoin futures contracts now offered by CME Group, a Chicago-based derivatives exchange operator, and the Chicago Board Options Exchange. Malaysia has been no exception to the rule, with BNM data showing that the country's four main cryptocurrency exchanges trade an average of M$75m (US$17.3m) eachmonth. The sector's rapid rise has been touted as a major success for innovation and a new era for the financial sector. Blockchain, the digital code underpinning most digital currencies, has been heralded as a breakthrough innovation, with its distributed-ledger verification system currently being implemented by major international financial institutions to increase the Continue reading >>

Bnm Says No Plans To Issue Digital Currencies

Bnm Says No Plans To Issue Digital Currencies

BNM says no plans to issue digital currencies BNM says no plans to issue digital currencies Malaysia has no imminent plan to issue digital currencies as it does not recognise them as an actual currency, according to Bank Negara Malaysia (BNM). The central bank has made it clear that bitcoin or any other sort of virtual currencies are not a legal tender in Malaysia, and has no immediate proposal to issue any sort of digital currencies by its own. The Finance Ministry, in a written parliamentary reply, said those who use or trade in digital currencies have been doing so at their own risk as consumer protection is not guaranteed under any laws. The ministry was responding to a query from Kampar MP Dr Ko Chung Sen, who asked the government if digital currencies are being recognised by the law and the countrys central bank. Digital currency has not been recognised as legal currency in Malaysia or any other country, as the ringgit is Malaysias only legal tender, the written reply stated. According to the government, any digital currency transactions involving regulated activities under the law governed by BNM or the Securities Commission Malaysia, such as withdrawal of deposits or capital marketactivities without proper authorisation, are considered as offences. The Finance Ministry also stated that BNM estimated the average monthly transaction of digital currencies in Malaysia last year stood at RM75 million. The ministry also said digital currencies are often exposed to the risk of value volatility due to speculation and abuse in activities such as money laundering, terrorist financing and cyber crime. From time to time, BNM will publish relevant information about the reporting institution so that prudent decisions can be made by the public, it added. Effective Jan 2, 2018 Continue reading >>

Polis, Bnm Kerjasama Tangani Jenayah Babit Bitcoin

Polis, Bnm Kerjasama Tangani Jenayah Babit Bitcoin

KETUA Polis Negara, Tan Sri Mohamad Fuzi Harun membuat pemeriksaan barisan pada Perhimpunan Bulanan Bukit Aman di Kuala Lumpur, pagi tadi. - Foto Mohd Khairul Helmy Mohd Din Polis, BNM kerjasama tangani jenayah babit Bitcoin KUALA LUMPUR: Polis bekerjasama dengan Bank Negara Malaysia (BNM) dari segi pengetahuan dan kepakaran bagi menangani trend baharu jenayah komersial membabitkan mata wang digital atau kripto, Bitcoin. Ketua Polis Negara, Tan Sri Mohamad Fuzi Harun, berkata walaupun kurang lima kes berkenaan dilaporkan setakat ini, pihaknya sentiasa bersiap siaga. "Kita sedang menjalankan siasatan ke atas kes penipuan Bitcoin yang dilaporkan. Jumlah kerugian juga amat minimum. "Walaupun jumlah kes dan kerugian masih terkawal, polis bawah Jabatan Siasatan Jenayah Komersial (JSJK) akan memperkasakan anggota serta pegawainya untuk menangani isu ini," katanya pada sidang media sempena Perhimpunan Bulanan Bukit Aman di sini, pagi tadi. Sementara itu, Pengarah JSJK Bukit Aman, Datuk Seri Amar Singh Ishar Singh, berkata BNM membantu pihaknya dengan kongsikan pengetahuan berhubung penipuan mata wang kripto, kepada anggota dan pegawai jabatan terbabit. "Kes penipuan yang kita terima buat masa ini membabitkan pencerobohan sistem perlombongan Bitcoin dan penipuan pembelian mata wang kripto itu. "Kes masih rendah tetapi kita akan memastikan kakitangan jabatan ini bersedia menangani kes sebegini," katanya ketika ditemui pemberita pada majlis sama. Pada 2014, BNM mengeluarkan kenyataan mengenai Bitcoin yang tidak diiktiraf sebagai sah diperlakukan di Malaysia. Tahun lalu, BNM dilaporkan bercadang mengeluarkan garis panduan mengenai mata wang kripto dengan memberi tumpuan terhadap aspek antipengubahan wang haram dan pembiayaan keganasan. Bitcoin adalah satu daripada mata wang kript Continue reading >>

Malaysia Central Bank: 9 Banks Experimenting With Blockchain Scalable Use Cases

Malaysia Central Bank: 9 Banks Experimenting With Blockchain Scalable Use Cases

Malaysia Central Bank: 9 Banks Experimenting With Blockchain Scalable Use Cases Blockchain use cases are currently the subject of an interbank project to implement it in trade finance in Malaysia, says the countrys central bank. Malaysias central bank hinted it is planning to integrate Blockchain in its banking sector, its deputy governor revealing ongoing development work in a speech Thursday, March 22. Speaking at the Asian Banker Digital Finance Convention 2018 in Kuala Lumpur, Bank Negara Malaysias (BNM) deputy governor Jessica Chew Cheng Lian announced that nine domestic banks had partnered to build a trade finance Blockchain project. In the blockchain space, the industry in a number of jurisdictions has pooled resources to defray the cost of experimentation involved in developing scaleable [sic] use cases for the technologys application, she told the audience, stating: In Malaysia, nine banks have done this by coming together to develop blockchain applications for trade finance. As banks throughout Asia join together to examine various uses of Blockchain technology, including partnerships with Blockchain startups such as Ripple for remittances this month, competition is increasingly intense. Malaysia appears to have consolidated its regulatory plans regarding both Blockchain and cryptocurrencies, BNM introducing new legislation in February that sets standards for the countrys crypto exchanges. While no further details are currently known about the banking sector plans, Lian also said BNM was working on Open Application Programme Interfaces (Open APIs), which allow the creation of shared information networks. A dedicated working group has been established to work on best practices, she added. In a curious twist, the speech referred to American company Kodak as an Continue reading >>

Bank Negara Malaysia Issues Policy Document For Digital Currencies

Bank Negara Malaysia Issues Policy Document For Digital Currencies

Bank Negara Malaysia issues policy document for digital currencies Ref No : 02/18/07 27 Feb 2018 Embargo : For immediate release Bank Negara Malaysia (the Bank) has today issued the Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6) which has taken into account feedback received during the public consultation period on the exposure draft released on 14 December 2017. The policy aims to ensure that effective measures are in place against money laundering and terrorism financing risks associated with the use of digital currencies and to increase the transparency of digital currency activities in Malaysia. The Bank received feedback from representatives of existing digital currency exchangers, industry associations, law firms, financial institutions, academia as well as interested individuals. Feedback received from respondents mainly focused on the obligations imposed on digital currency exchangers, including businesses providing intermediary services involving digital currencies. The Bank wishes to reiterate that the invocation of reporting obligations on digital currency exchange business does not in any way connote the authorisation, licensing, endorsement or validation by the Bank of any entities involved in the provision of digital currency exchange services. Where relevant, these matters have been further elaborated in the policy document. The public is reminded that digital currencies are not legal tender in Malaysia. Accordingly, digital currency businesses are not covered by prudential and market conduct standards or arrangements that are applicable to financial institutions regulated by the Bank. Members of the public are advised to carefully evaluate the risks associated with dealings in digital currencies. Any pe Continue reading >>

Bnm: Concept Paper On Cryptocurrency To Be Finalised This Month

Bnm: Concept Paper On Cryptocurrency To Be Finalised This Month

BNM: Concept paper on cryptocurrency to be finalised this month KUALA LUMPUR: A concept paper on cryptocurrency will be finalised this month and made available for the public to decide on the future of this form of currency, said Bank Negara Malaysia governor Muhammad Ibrahim. Basically, we are going to make the promoters of the cryptocurrency, which include bitcoin, ethereum and ripple, to 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 recent 40th Anniversary Dinner of Harvard Business School Alumni Club of Malaysia. He said Malaysia was taking a slightly different approach towards the cryptocurrency, unlike some countries which decided to ban it. 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 in for, he said, adding however, that BNM did not recognise the cryptocurrency as the fiat money. Second Finance Minister Johari Abdul Ghani had reportedly said Malaysia would not impose a blanket ban on cryptocurrency trading as more locals bet on the new investment asset class and because there was growing interest for a currency that was free from regulatory claws. He said banning the cryptocurrencies, including bitcoin, would only curb innovation and creativity in the financial sector, particularly financial technology, or fintech. As of September 2017, there were over 1,100 digital currencies in existence. The cryptocurrencies are normally used outside the existing banking and governmental institutions and are exchanged over the Internet. Earlier, the governor also said Continue reading >>

More in ethereum