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Is Bitcoin Legal In Malaysia 2018

Malaysia Introduces Cryptocurrency Regulation And New Banking Rules

Malaysia Introduces Cryptocurrency Regulation And New Banking Rules

Malaysia introduces cryptocurrency regulation in 2018 Venture Capital Comcast Director is bullish on Blockchain Most of the central banks around the world are finding out the ways to regulate virtual currencies. The same goes for the Bank Negara Malaysia ( BNM ), asMalaysia introduces cryptocurrency regulationin early 2018. 24 November, AtoZForex In September this year, the governor of Bank Negara Malaysia Muhammad bin Ibrahim said that the Malaysian central bank will draft cryptocurrency rules for those trading and exchanging cryptocurrencies. Back then, the Governor stated that hopefully by year-end some cryptocurrency guidelines will be released. Following this forecast, this week, it has been reported that thecentral bank in Malaysian has planned to enforce regulation of digital currencies in early 2018. Malaysia Cryptocurrency regulations expectations According toBNM Governor Tan Sri Muhammad Ibrahim, the introduction of regulations for virtual currencies aimed at preventing abuse of the system for criminal and illegal activities. Furthermore, it also protects the stability and integrity of the financial system. In a statement, he expressed; The advent of digital currencies may mark the beginning of a new era in the financial sector. As authorities, we cannot be oblivious to these developments. The banking sector needs to adopt the latest and most advanced technologies to improve its risk management framework. As per the new regulation, the central bank will designate individuals exchanging cryptocurrencies into fiat money as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. However, the implementation of regulations does not mean that virtual currencies are suddenly considering legal ten Continue reading >>

Malaysia: Nine Arrested Over Bitcoin Miner Theft

Malaysia: Nine Arrested Over Bitcoin Miner Theft

Malaysia: Nine Arrested Over Bitcoin Miner Theft A criminal gang have been arrested in connection with the theft of cryptocurrency mining equipment in Malaysia. The group of nine are thought to have stolen at least 58 machines. Criminals Tried to Sell Equipment via Social Media The theft occurred in the town ofSeri Kembangan, formerly Serdang New Village. Arrests were made at around 10pm local time on February 23. The OCPD Assistant Commissioner Megat Mohammad Aminudin Megat Alias told domestic news source The Star of the groups attempts to sell the equipment online: We were acting on information obtained when the suspects attempted to sell the equipment via a website and Facebook We managed to recover 58 machines worth more than RM500,000 (US$127,000). Those arrested are also suspected of involvement in other similar cases. These include the theft of an additional Bitcoin mining rig in Seri Kembangan on February 16. The Assistant Commissioner addressed the other recent incidents: We received four other similar reports in three areas in Serdang. We managed to solve two cases with the arrests of the suspects. As for the remaining cases, we have credible leads and the investigations are still ongoing. Meanwhile, despite rumours to the contrary and such criminal incidences, Malaysia seems to be taking a liberal view towards the cryptocurrency space in general. Rather than ban digital currency outright as many feared, regulators will instead attempt to strike a balance between public interest and integrity of the financial system, Datuk Seri Johari Abdul Ghani, the nations Deputy Finance Minister, stated in early January. He continued: there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained. Such r 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 >>

Malaysian Minister: No Bitcoin Trading Ban Planned

Malaysian Minister: No Bitcoin Trading Ban Planned

Malaysian Minister: No Bitcoin Trading Ban Planned Jan 2, 2018 at 14:50 UTC|UpdatedJan 2, 2018 at 14:58 UTC Malaysia's second finance minister has said the government will not ban the trading of bitcoin and other cryptocurrencies, though it will remain cautious on the technology. In an interview with The Malaysian Reserve ,Johari Abdul Ghanis emphasised the importance of "striking a balance between public interest and integrity of the financial system," adding that to ban cryptocurrencies wouldharm fintech innovation. "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." However, Johari added that Bank Negara Malaysia (BNM), the country's central bank, will in future ensure cryptocurrency exchanges conduct customer due diligence and report suspicious transactions. As with any investment schemes, Johari said, "there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained." BNM published its draft guidelines to cover cryptocurrency exchanges in December, as reported by CoinDesk. The minister further discussed the importance of fintech innovationfor Malaysia, saying it would boost economic productivity, as well as "make financial intermediation more seamless."Digital currencies and e-wallets should beincluded in Malaysia's digitalisation roadmap, he added. On a concluding note,Johari argued that it was important for authorities to have a sound understanding of cryptocurrencies before bringing in new policies and regulations. "This is particularly relevant to recent innovation like bitcoin, which remains unregulated globally and not battle-tested against shocks, unlike more conventional mediums of exchange," he told the Reser Continue reading >>

Bitcoin Trading Wont Be Banned In Malaysia

Bitcoin Trading Wont Be Banned In Malaysia

As we all know nowadays most of the countries are putting forward their views on bitcoin every single day. Bitcoin, the first and the most successful cryptocurrency is facing issue from a long time on getting legalized or to be banned. Countries like Bangladesh, Bolivia, Morocco etc have already banned Bitcoin as per wikipedia. And also implemented some strict laws against it. Infact bangladesh have already declared anybody caught using the virtual currency could be jailed under the countrys strict anti-money laundering law Whereas Malaysian government brought some good news to malaysian bitcoin investors and traders. Johari Abdul Ghanis, malaysian finance minister states 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. In an interview with themalaysianreserve.com He also emphasised that maintaining the balance between public interest and integrity of financial system is very important. Johari also added that the central bank of country, Bank Negara Malaysia (BNM) will ensure that cryptocurrency exchanges dealing with bitcoin and other cryptocurrency will report suspicious transactions to government so that criminal activities can be prevented. On the concluding note johari and malaysian government understand the importance of cryptocurrency and its potential. Thus it is important for authorities to understand the technology behind it, In order to put any policies or regulations. On the other hand they also want to ensure that any kind of illegal activities that could possibly take place should be avoided. Continue reading >>

Malaysia Will Not Ban Bitcoin Trading, Confirms Finance Minister

Malaysia Will Not Ban Bitcoin Trading, Confirms Finance Minister

Malaysia Will Not Ban Bitcoin Trading, Confirms Finance Minister Join our community of 10 000 traders on Hacked.com for just $39 per month. Malaysia will not enforce a blanket ban on the trading of cryptocurrencies like bitcoin, the countrys second finance minister revealed. In an interview with The Malaysian Reserve , the countrys second Finance Minister Johari Abdul Ghani has confirmed that the countrys central bank will not impose a ban on cryptocurrencies, emphasizing that such a draconian move would curb innovation and creativity in the financial sector. The official, who said the government is focusing on striking a balance between public interest and integrity of the financial system, added: 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. The remarks will come as a relief to adopters of cryptocurrencies like bitcoin in Malaysia and represents a shift in stance after Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim refused to rule out a complete ban on cryptocurrencies back in October 2017. Malaysias central bank issued draft regulations for public consultation in mid-December wherein cryptocurrency exchanges will be designated as reporting institutions . While open to cryptocurrencies, Johari said the central bank is taking a cautious approach that will focus on the need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained. Financial innovation brought on by financial technologies like cryptocurrencies will enhance the countrys economic productivity and make financial intermediation more seamless Johari said. Pointedly, the official went on to include digital currencies and e-wallets as a part and parcel of Ma Continue reading >>

Bank Negara Malaysia Will Introduce Crypto Regulation In Early 2018

Bank Negara Malaysia Will Introduce Crypto Regulation In Early 2018

Governments around the world are actively looking for ways to regulate Bitcoin and other cryptocurrencies. That is much easier said than done, as there is no real way to control Bitcoin and altcoins. Governments do not control the issuance, creation, or flow of money in this industry. Over in Malaysia, we may see a firm form of cryptocurrency regulation in place as early as next year. It is unclear whatexactly that will entail, though. Malaysia Prepares for Active Cryptocurrency Regulation It was to be expected that Bank Negara Malaysia would introduce cryptocurrency regulation. After all, the institution has been actively discussing this topic for quite some time now. It was expectedit would introduce regulation this year, butthistime frame has beenpushed back to early 2018. That can only be considered a good thing, mind you, as we need governments to take their time before making any decisions when it comes to cryptocurrencies. Arepresentative of Bank Negara Malaysia has indicated this regulation will go into effect very soon. It appears people who convert cryptocurrency into fiat currencies will be considered reporting institutions. This means these individuals will be subject to the countrys Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act of 2001. It is quite the mouthful, but it basically means that converting Bitcoin or altcoins to fiat will put individuals and companies on par with regular banks. This doesnt mean cryptocurrencies are suddenly considered legal tender in Malaysia, though. Anyoneusing crypto will need to adhere to the strict guidelines affecting banks and other financial institutions. This should help prevent criminals from abusing the cryptocurrency ecosystem and deter people from committing unlawful activi Continue reading >>

Bank Negara Malaysia Issues Cryptocurrency Regulation

Bank Negara Malaysia Issues Cryptocurrency Regulation

Bank Negara Malaysia Issues Cryptocurrency Regulation Following the public consultation issued by Bank Negara Malaysia in December, the central bank has announced the official cryptocurrency regulation in Malaysia under the policy paper Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6). The regulator emphasises once again that cryptocurrencies are not a legal tender in Malaysia and reminds the general public that they should still conduct their own due diligence when dealing with cryptocurrencies since there are no established avenues for redress for losses and damages incurred by parties dealing in cryptocurrencies. It is important to note that according to this policy paper geared towards cryptocurrencies being uses a currency and not geared towards regulating ICOs which will likely fall under Securities Commission Malaysia. 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. Under Malaysias cryptocurrency regulation, exchanges are required to conduct adequate risk assessments on their customers in relation to the prevention of money laundering and financing of terrorism. The exchanges are also subject to conduct Customer Due Diligence or better know as Know-Your-Customer (KYC) that are not entirely different from what licensed entities regulated by Bank Negara Malaysia are subject to. In addition to that, should an exchange be making a new cryptocurrency available for trading they are required to submit their risk assessment in relation to money laundering and terrorism financing in writing to Bank Negara Malaysia. The cryptocurrency regulatio Continue reading >>

New Malaysian Cryptocurrency Regulation Come Into Effect

New Malaysian Cryptocurrency Regulation Come Into Effect

New Malaysian Cryptocurrency Regulation Come Into Effect Last week, Malaysias new Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policy guidelines specifically addressing cryptocurrencies came into effect. The new regulations compel Malaysian virtual currency exchanges to mandate KYC adherence, including the collection of ID documentation. Also Read: Two Indian Token Marketplaces Suspend Trading Due to Regulatory Pressure New Malaysian AML/CFT Guidelines for Cryptocurrencies Aim to Increase [] Transparency Bank Negara Malaysias stated policy objective is to ensure that effective measures are in place against money laundering and terrorism financing risks associated with the use of digital currencies, in addition to increas[ing] the transparency of digital currency activities in Malaysia. The new policy guidelines assert that Promoting greater transparency in the use of digital currencies serves to protect the integrity of the financial system and strengthen incentives to prevent their abuse for illegal activities The legislation came into effect on February 27th, with Bank Negara Malaysia stating that it [took] into account feedback received during the public consultation period on the exposure draft released on 14 December 2017. The bank added that the feedback it received mainly focused on the obligations imposed on digital currency exchangers, including businesses providing intermediary services involving cryptocurrencies. Malaysian Cryptocurrency Exchanges to Implement KYC Requirements The policy document states that Malaysian cryptocurrency exchanges are required to conduct customer due diligence on all customers and the persons conducting the transaction when the reporting institution establishes business relationship with customer and when th Continue reading >>

Malaysian Central Bank To Issue Cryptocurrency Regulation In Early 2018

Malaysian Central Bank To Issue Cryptocurrency Regulation In Early 2018

Malaysian Central Bank To Issue Cryptocurrency Regulation In Early 2018 The Malaysian central bank, BNM, is expected to issue a directive to regulate the use of digital currencies in early 2018. The Malaysian central bank, Bank Negara Malaysia (BNM), is expected to issue a directive to regulate the use of digital currencies in the country in early 2018. The central bank has been discussing and working on a proposed cryptocurrency regulation for some time now and this new development is expected to be hailed by industry players. According to BNM Governor Tan Sri Muhammad Ibrahim , the introduction of regulations for virtual currencies are intended to prevent abusing the system for criminal and illegal activities and to maintain the stability and integrity of the financial system. The advent of digital currencies as some have forecast will mark the beginning of a new era in the financial sector. As authorities, we cannot be oblivious to these developments.The banking sector needs to adopt the latest and most advanced technologies to improve its risk management framework. Possible impact(s) of the new regulations on the cryptocurrency market Under the regulations, individuals who convert their virtual currencies into fiat currencies will be considered as reporting institutions and will be subjected to Malaysias Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act of 2001. This means that cryptocurrency transactions will be subjected to laws similar to those imposed on banks. However, the implementation of regulations as a guide for digital currencies would not automatically mean that the virtual tokens are already accepted as legal tender in the country. It is just seen as an indication that the central bank is keeping an open mind on th 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 >>

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 >>

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 >>

Malaysia Issues Draft Regulations For Crypto Currency Businesses

Malaysia Issues Draft Regulations For Crypto Currency Businesses

December 14, 2017 / 3:08 PM / 4 months ago Malaysia issues draft regulations for crypto currency businesses KUALA LUMPUR (Reuters) - Malaysias central bank on Thursday said it had issued draft regulations for digital currency businesses, but said that such currencies were still not legal tender in the country. FILE PHOTO: A token of the virtual currency Bitcoin is seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration/File Photo A draft of the guidelines, which has been issued for public consultation, says digital currency exchange businesses will be designated as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). The proposed policy sets out the legal obligations, requirements and standards that digital currency exchangers, which will be defined under the First Schedule of the AMLA, must carry out as reporting institutions, Bank Negara Malaysia (BNM) said in a statement. However, the draft regulations are not an authorization or endorsement of any entities involved in the provision of digital currency exchange services, BNM said. The public is reminded that digital currencies are not legal tender in Malaysia, the statement added. Malaysias Central Bank Governor Muhammad Ibrahim said last month that the bank had begun work on the regulatory structure for digital currencies such as bitcoin, aimed at securing the country against money-laundering and terrorism financing. BNM said the guidelines were the first step toward making digital currency activities in Malaysia more transparent. South Koreas government called an emergency meeting earlier this week to discuss the trading of crypto currencies and measures on t Continue reading >>

The State Of Bitcoin Mining: Legal Regulations Around The World

The State Of Bitcoin Mining: Legal Regulations Around The World

The State of Bitcoin Mining: Legal Regulations Around the World While bitcoin mining can be a good way to earn cryptocurrency, there is currently a lot of concerns about the legality of both the ownership of cryptocurrency and mining operations around the world. Throughout this article, well try to clear up some concerns about mining regulations. Well also examine a few recent cases in cryptocurrency mining regulation and take a look at some of the questions surrounding the future of this industry. In January 2018, Malaysian officials raided two residences that had been conducting illegal bitcoin mining operations. While cryptocurrency itself had already been deemed illegal in Malaysia, this was not the official charge that the government used to shut down these particular mining operations. Instead, local officials justified the raid based on other charges. For example, they said that these miners did not have an official business permit and also cited a few other reasons (causing a potential fire hazard and consuming excessive amounts of energy). What makes the Malaysian case so difficult to understand is that, basically, any government in any other country could also cite similar reasons to shut down mining operations, even in places where bitcoin mining is supposed to be completely legal. Will this happen? Probably not, but it is something to consider as a possibility. The general rule of thumb regarding bitcoin mining remains relatively straightforward. If you are able to own and use cryptocurrency where you live, you should also be able to mine cryptocurrency in that location as well. If owning cryptocurrency is illegal where you live, mining is most likely also illegal. However, there are few exceptions to this rule and the legality of cryptocurrency is not that Continue reading >>

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