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Atm Bitcoin Pertama Di Malaysia

Atm Bitcoin Pertama Di Malaysia

PETALING JAYA: Mesin juruwang automatik (ATM) Bitcoin yang pertama di Malaysia muncul di Ipoh, Perak. China Press melaporkan 2 pemuda yang mengasaskan Pinkexc Sdn Bhd, mengimport mesin itu lebih setahun lalu dari Portugal dengan kos RM70,000. Sejak ATM itu beroperasi, ia mendapat sambutan daripada pelabur Bitcoin dengan purata 50 orang menggunakan mesin itu bagi menjual dan membeli mata wang digital itu setiap hari. Setiap pelabur biasanya mengeluarkan wang tunai RM200 hingga RM300 dengan purata urus niaga bulanan mencecah RM80,000 manakala urus niaga lebih RM500 pula perlu dibuat atas talian. Pengasas bersama Pinkexc, Fitry Daud dipetik China Press berkata, beliau mendapat idea mengimport ATM Bitcoin ketika melancong ke Jepun dan Korea di mana penggunaan mesin itu satu kebiasaan di negara berkenaan. Katanya, mereka kemudiannya mengimport dan meletakkan mesin pertama itu di Medan Meru Bestari, Ipoh. Beliau berkata, syarikatnya memperoleh keuntungan daripada jual beli Bitcoin seperti perniagaan tukaran wang asing. Katanya, ATM Bitcoin bukannya mesin pengeluaran wang, sebaliknya ia mesin jualan yang boleh jual beli mata wang digital itu. Demi mempopularkan penggunaan ATM Bitcoin di negara ini, Pinkexc giat mengemukakan permohonan kepada Bank Negara Malaysia (BNM) untuk ditempatkan di seluruh negara. Tetapi, BNM belum membenarkan kerana Bitcoin berada dalam senarai kelabu BNM, iaitu bukan urus niaga sah atau haram, katanya sambil menambah BNM perlu membenarkan urus niaga itu kerana sekarang zaman mata wang digital. Fitry berkata, Pinkexc sedang meningkatkan perisian ATM itu supaya mata wang digital lain seperti Ethereum, Bch, Lite dan Dash boleh menggunakan mesin itu untuk menjalankan urus niaga. November lalu, BNM dalam satu kenyataan berkata, tiada sebarang rancangan me 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 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 >>

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 >>

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 >>

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 >>

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 >>

(update) Bank Negara Is Not Coming Out With Cryptocurrency Exchange

(update) Bank Negara Is Not Coming Out With Cryptocurrency Exchange

(UPDATE) Bank Negara Is Not Coming Out With Cryptocurrency Exchange UPDATE 25 Nov, 943am: BNM has officially denied that it is going to establish a cryptocurrency exchange. More details below. Bank Negara Malaysia is looking to place cryptocurrency under more regulation next year. In addition to requiring people to report transactions converting cryptocurrency to cash, it is also said to be looking into appointing a official exchange for control over the digital currency. BNMGovernor, Tan Sri Muhammad Ibrahim, said that the new regulations are to prevent the abuse of the currency for criminal or unlawful means. As such all conversions of cryptocurrency (such as Bitcoin) to real money must be reported under theAnti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 from January 2018. Allowing the central bank to monitor the flow of cash for any potential red flags. At the same time, the Malaysian Reserve has reported that BNM is in talks with Luno, one of the worlds biggest cryptocurrency exchanges in the world. The governing body is looking to appoint Luno as the sole official exchange in Malaysia. Providing a single point for transactions to be made. Should this happen, there is a chance that the government will impose the Goods and Services Tax on cryptocurrency transactions. ConsideringBitcoin was trading a 1BTC to RM33567.12 at the time of this story, it could quickly become a very expensive prospect for cryptocurrency investors. BNM has officially released a statement to clarify that it is not looking into establishing a cryptocurrency exchange in Malaysia. It is not appointing any external organization to engage in similar activity as well. MORE: Inno3D P102-100 Cryptocurrency Mining Graphics Card Spotted This is with referenc Continue reading >>

Malaysia Central Bank To Let Public Decide Cryptos Fate

Malaysia Central Bank To Let Public Decide Cryptos Fate

Malaysia Central Bank to Let Public Decide Cryptos Fate Malaysias central bank, Bank Negara, is set to release a concept paper, calling for the public to decide the fate of cryptocurrencies in the country, according to a recent report. Bank Negara governor Muhammad Ibrahim is said to have assured the bank will neither ban nor recognize cryptocurrency, and that the paper will be finalized in February. Also read: Internet Pioneer Who Influenced Assange & Snowden Dead at 70 At the 40th anniversary dinner of Harvard Business School Alumni Club of Malaysia, Bank Negara governor Muhammad 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. By doing so, the public can decide on its own if they want to invest in cryptocurrencies. Malaysia in recent years has been an economic tiger, its economy growing faster than more powerful regional cousins South Korea, and even outpacing France and Australia. Its government is unusually paternalistic with regard to the economy, however, though less so as it has developed. Politically it occupies an odd space in Southeast Asia as a federal constitutional elective monarchy. Something akin to the Westminster system, the king is chosen in rotation by hereditary families, and he acts as ceremonial head of state, appointing upper parliament house members and ministers. Mr. Ibrahims comments follow Finance Minister II Johari Abdul Ghani who explained the country wouldnt ban cryptocurrency completely so as to avoid curbing creativity and innovation in [the] financial sector, according to a report . This is at least the second time the government has reverted to public opinion wit 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 >>

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 >>

Bnm Deputy Governor Warns Of 'high Risks' In Bitcoin

Bnm Deputy Governor Warns Of 'high Risks' In Bitcoin

BNM deputy governor warns of 'high risks' in bitcoin KUALA LUMPUR (Dec 15): Bank Negara Malaysia (BNM) deputy governor Abdul Rasheed Ghaffour has likened the price movements of bitcoin to "bubbles" and "financial scams" of the past. "It is really akin to many of the financial scams that we have seen. Anything that has high returns has high risks," he told a media roundtable on reporting obligations by digital currency exchanges to the central bank today. However, Abdul Rasheed concedes that the present returns for early investors of bitcoin cannot be achieved through other investments. "[Comparing] the bitcoin price when it was issued and the price today if you look at any investments, I don't think you can get that much of returns. "But if you look at its price movements, it is very clear that it's like a bubble," he added. Bitcoin is the largest cryptocurrency, with a market capitalisation of US$289.4 billion. Issued in 2009, prices have rallied from under US$1,000 per unit at end-2016 to above US$17,000 this month. At 1.42pm, it was trading at US$17,272.29 per unit. While BNM has indicated its willingness to be more involved in the cryptocurrency market, Abdul Rasheed warned participants to "exercise due care" in dealing with digital currencies, including assessment of associated risks such as hacking and price volatility. In a move to learn more about the new currency spectrum, the central bank has sought to require all digital currency exchanges (DCEs) with Malaysian clients to report its activities to the central bank under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). Information obtained from the DCEs through the policy implementation will be made available to the public, which Abdul Rasheed said is the Continue reading >>

Bank Negara To Meet Digital Coin Exchangers, Seeks Feedback On Reporting Obligations

Bank Negara To Meet Digital Coin Exchangers, Seeks Feedback On Reporting Obligations

Bank Negara to meet digital coin exchangers, seeks feedback on reporting obligations Last updated on 17 December 2017 - 08:59pm KUALA LUMPUR: Bank Negara Malaysia (BNM) is scheduled to meet the active digital currency exchangers today with regard to the reporting obligations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). Were also issuing exposure draft to them for their comments, deputy governor Abdul Rasheed Ghaffour said at a media briefing on Making Digital Currencies Transparent in Malaysia here last Friday. The exposure draft states that upon the initial acceptance of a customer, reporting institutions are required to regularly review and update the customers risk profile based on the level of money laundering and terrorism financing (ML/TF) risks. Reporting institutions are required to conduct customer due diligence on all customers and the persons conducting the transaction in the circumstances set when the reporting institution establishes business relationship with the customer; and when the reporting institutions have any suspicion of ML/TF. Among the data needed by the central bank are the number of transactions, including the conversion from digital currency to fiat money and vice versa as well as conversion from a digital currency to another; the value of the transactions, net buy and sell position, purpose of transactions, payment method and the number of customer accounts. Abdul Rasheed noted that the regulators do not have intention to ban digital currency trading as it is part of market innovation and creativity. What is important is we need to balance this between public interest and the integrity of the financial system. We need to take a careful approach and considerations on this. Abd 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 >>

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