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Numoney Cryptocurrency Exchange Launch In Singapore. Malaysia & - Wfmj.com News Weather Sports For Youngstown-warren Ohio

Numoney Cryptocurrency Exchange Launch In Singapore. Malaysia & - Wfmj.com News Weather Sports For Youngstown-warren Ohio

NuMoney Cryptocurrency Exchange Launch in Singapore. Malaysia & - WFMJ.com News weather sports for Youngstown-Warren Ohio NuMoney Cryptocurrency Exchange Launch in Singapore. Malaysia & Indonesia Will Be Next. NuMoney Exchange is making alt-coin support a top priority SINGAPORE - April 13, 2018 - ( Newswire.com ) After surpassing great milestones, like crossing SGD1.2 Million in turnover in their first 2 months, and SGD2.5 Million in January 2018, NuMoney is ready to advance towards their next huge milestone - The NuMoney Exchange . With the launch of the NuMoney Exchange on 6 April 2018, the team has spent the past few months testing and fixing the online exchange to ensure that all the security measures that were fitted into the system are working well and that the entire online exchange is running smoothly. After the first public testing with those who signed up as early testers of the exchange, NuMoney has gone through great lengths to ensure the safety and the efficiency of their new online exchange. Along with the hard work of the team, NuMoney's upcoming exchange has been featured in many online articles and reports as a new way to buy and sell cryptocurrency. The public has expressed excitement to the new fiat-reliant exchange, especially after the many reports of exchanges shutting down due to being too reliant on banks. To combat the slow verification processes and the fear of banks shutting down the numerous exchanges in the market, NuMoney will accept fiat in/out without the facilitation of banks. This is made possible by storing their cash in cash vaults - just like a bank. This ensures that NuMoney would be able to carry on operations by allowing customers to deposit/withdraw cash at NuMoney retail stores. NuMoney's support for Alt-coins pushed them to la 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 >>

Nem Distributed Ledger Technology (blockchain)

Nem Distributed Ledger Technology (blockchain)

Blockchain technology offers a fundamentally streamlined method of maintaining asecure ledger of transactions compared to a traditional database. How does NEM push blockchain performance further? NEMs blockchain platform was designed and coded from the ground up for scale and speed. NEMs permissioned private blockchain delivers industry-leading transaction rates for internal ledgers. And its revolutionary consensus mechanism and the Supernode program ensure that NEMs open, public blockchain can grow without ever compromising throughput or stability. Blockchain technology offers the potential to drastically simplify an enormous variety of secure ledger, transactional, and tracking systems compared with traditional databases. How does NEM make blockchain development easier? NEMs blockchain exposes its functionality through a powerful API interface that can be used with any programming language, not a specific smart contract language. Existing business logic code can easily mate up and use blockchain where its strongest: secure transactions and ledger keeping. In short, configure NEM for your business, and then deploy blockchain incrementally and without forced retooling of existing infrastructure. Blockchain technology is expanding to address many real world uses and applications beyond just cryptocoins. How does NEM customize blockchain to your needs? Unlike other blockchain technologies, NEM is built from the ground up with powerful modular customization for virtually any application. We call it our Smart Asset system. With it, NEM lets you focus on building exactly what you need, whether thats a fintech system, tracking logistics, an ICO, document notarization, decentralized authentication, or much more. Blockchain technology naturally provides a secure method of reco Continue reading >>

Bitcoin - Wikipedia

Bitcoin - Wikipedia

Unspent outputs of transactions denominated in any multiple of satoshis [3] :ch. 5 12.5 bitcoins per block (approximately every ten minutes) until mid 2020, [7] and then afterwards 6.25 bitcoins per block for 4 years until next halving. This halving continues until 2110–40, when 21 million bitcoins will have been issued. ^ The symbol was encoded in Unicode version 10.0 at position U+20BF ₿ BITCOIN SIGN in the Currency Symbols block in June 2017. [2] Bitcoin is a worldwide cryptocurrency and digital payment system [8] :3 called the first decentralized digital currency , as the system works without a central repository or single administrator. [8] :1 [9] It was invented by an unknown person or group of people under the name Satoshi Nakamoto [10] and released as open-source software in 2009. [11] The system is peer-to-peer , and transactions take place between users directly, without an intermediary. [8] :4 These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain . Bitcoins are created as a reward for a process known as mining . They can be exchanged for other currencies, [12] products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. [13] Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. [14] The word bitcoin first occurred and was defined in the white paper [15] that was published on 31 October 2008. [16] It is a compound of the words bit and coin . [17] The white paper frequently uses the shorter coin. [15] There is no uniform convention for bitcoin capitalization. Some sources use Bitcoin, capitalized, to 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 Cryptocurrency Regulation: Government To Neither Ban Nor Recognize Cryptocurrency

Malaysia Cryptocurrency Regulation: Government To Neither Ban Nor Recognize Cryptocurrency

Malaysia Cryptocurrency Regulation: Government to Neither Ban nor Recognize Cryptocurrency While most country officials are progressively listing out reasons explaining why cryptocurrencies must be stopped from entering onto their mainland, Malaysia plans to give it a try, by keeping its better side upfront. Let public be the better judge of cryptocurrency adoption 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. Muhammad Ibrahim, governor of Malaysian central bank. It was in the course of question and answer round on the eve of 40th-anniversary dinner of Harvard Business School Alumni Club of Malaysia, when Muhammad Ibrahim, the Governor of Malaysian Central Bank declared the above statement. While Mr Muhammad is pretty sure that cryptocurrencies arent provided with the recognition of fiat currency by the countrys central bank. He certainly plans on providing an open stage, and let the market decide the future of the same in the country. During the same anniversary feast, he even publicised that a notion paper on cryptocurrencies shall be completed soon which will serve the community with the supremacy to resolve how they desire to move forward with this constantly embryonic marketplace of diversity. Malaysian govt. embracive towards cryptocurrency regulations Undoubtedly at this time, when most countries are not in favor of accepting a new form of economy and trying to block the same at all cost. Malaysia has come up as an example, on how the new must be welcomed and shall be provided with a chance to grow. No plans to Continue reading >>

Malaysian Firm Adds Islamic Certification To Cryptocurrency

Malaysian Firm Adds Islamic Certification To Cryptocurrency

February 20, 2018 / 6:47 AM / in a month Malaysian firm adds Islamic certification to cryptocurrency SYDNEY (Reuters) - Malaysia-based firm HelloGold has received a sharia-compliant certification for its gold-backed cryptocurrency and plans to launch its online gold platform in Thailand later this year, the company said. Its cryptocurrency product, dubbed GOLDX, was launched at the end of last year and has now received certification from Amanie Advisors, a Malaysia-based Islamic finance consultancy, said chief marketing officer Manuel Ho. Unlike other cryptocurrencies, GOLDX involves the issuance of a token backed by physical gold stored in a Singapore vault, and transactions must be completed within a defined time period, Ho said. This means the issuance process and audited assets can address transparency, certainty and immediacy of transactions - important principles in Islamic financial contracts. The move highlights how fintechs, companies that use new technology to revamp banking services, are extending their influence to Islamic finance markets spanning the Middle East and Southeast Asia. Over the past year, the firm has rolled out a mobile app in Malaysia that is based on blockchain, the system that first emerged to facilitate digital currencies such as bitcoin. That mobile app, which allows users to buy and sell physical investment grade gold, was also certified by Amanie Advisors. HelloGold plans to expand its gold platform into Thailand in coming months, while potentially adding a third market by the end of the year, said Ho. The firm is also exploring other unspecified assets for its blockchain technology, which involves a shared electronic ledger that allows parties to track transaction information through a secure network. Reporting by Bernardo Vizcaino; E Continue reading >>

Malaysia's Bank Negara Lets Public Decide On Future Of Cryptocurrency

Malaysia's Bank Negara Lets Public Decide On Future Of Cryptocurrency

Malaysia's bank Negara lets public decide on future of cryptocurrency KUALA LUMPUR, Malaysia - Bank Negara, the central bank of Malaysia will release a concept paper soon for public to decide on the fate of cryptocurrencies. It will not recognise nor ban cryptocurrencies. A concept paper on cryptocurrency will be finalised this month for public to decide on the future of such currency, says Bank Negara governor Muhammad Ibrahim. He stressed that the central bank would not recognise cryptocurrency as fiat money. Bank Negara would also not ban cryptocurrency either but leave it to the market to decide on the fate of cryptocurrency. The key point is one must know what does it have internally. 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, he said. Muhammad said this during a question and answer session at the 40th anniversary dinner of Harvard Business School Alumni Club of Malaysia. Unlike other countries which decided to ban on cryptocurrency, Malaysia adopted a slightly different approach. Finance Minister II Johari Abdul Ghani had said Malaysia would not completely ban transaction on cryptocurrency as such move would curb creativity and innovation in financial sector. As of September 2017, there are more than 1,100 types of cryptocurrency. On the other hand, Muhammad said according to data, many aged between 35 and 45 are bankrupt for owing credit cards. While increase in cost of living is true, people should also examine their lifestyle. He said currently 40 per cent of lower income group (income lower than RM3,855) st 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 >>

Malaysian Central Bank Slams Ico For Misleading Logo

Malaysian Central Bank Slams Ico For Misleading Logo

Malaysian Central Bank Slams ICO for Misleading Logo Mar 12, 2018 at 11:50 UTC|UpdatedMar 12, 2018 at 12:05 UTC A Malaysian initial coin offering (ICO) issuer has been flagged by the country's central bank for stepping outside the rules to promote its token sale. In a cautionary note released on Sunday by Bank Negara Malaysia (BNM), the central bank took aim at a cryptocurrency project named Coinzer, which it says used the BNM logo and the Jata Negara, Malaysia's coat of arms, in its proposed token design, white paper and website. A picture posted by the central bank further shows that, in addition of the logo and coat of arms, the design also incorporated the 14-pointed Star of Malaysia symbol and Malaysia's country code. "BNM would like to state that it does not authorize or endorse the cryptocurrency platform called Coinzer. ... Members of the public are advised to exercise caution and carefully evaluate the risks associated with investment in digital currencies," the central bank said in the statement. The BNM's warning is another signal that the country's regulators are stepping up their efforts in monitoring domestic ICO projects that, through unauthorized promotion methods, may mislead domestic investors. On Jan. 9, Malaysia's securities market watchdog,Securities Commission Malaysia (SC), issued a cease-and-desist to a startup ahead of its planned ICO. Later that month, in a joint statement , the SC and BNM doubled down on their commitment to more closely focus on ICO projects. "Both authorities will continue to monitor these developments, and will not hesitate to take action against any person conducting illegal or unauthorized activities," the two regulators said at the time. Malaysian flag image via Shutterstock; Coinzer design courtesy of BNM The leader in 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 >>

Malaysian Central Bank: Id Now Needed For Any Crypto Exchange Transaction

Malaysian Central Bank: Id Now Needed For Any Crypto Exchange Transaction

Malaysian Central Bank: ID Now Needed For Any Crypto Exchange Transaction Malaysia has enacted anticipated legislation compelling cryptocurrency exchanges to identify traders. Cryptocurrency exchanges in Malaysia must now fully identify traders after new central bank anti-money laundering legislation came into effect Tuesday, Feb. 27. A copy of the legislation and official press release from the Bank Negara Malaysia (BNM) states that any exchanges offering crypto-to-fiat, fiat-to-crypto and even crypto-to-crypto trading must identify the customer and verify that customers identity. As Cointelegraph reported in November 2017, forecasting the regulations, BNM Governor Tan Sri Muhammad bin Ibrahim placed emphasis on the need to control potential criminal usage of digital currencies. 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 BNM Governor said. Now, exchange operators must comply with various statutes relating to customer due diligence (CDD) before allowing new and existing accounts to legally continue activity. According to the legislation, reliable, independent source documents, data or information is required, and specifically a government-issued ID: In conducting CDD on an individual customer and beneficial owner, the reporting institution is required to obtain at least the following information: (b) National Registration Identity Card (NRIC) number or passport number or reference number of any other official documents bearing the photograph of the customer or beneficial owner; (c) residential or mailing address; (d) date of birth; (e) nationality; and (f) purpose of transaction Formal steps to add transparency to cryptocurrency tr Continue reading >>

New Cryptocurrency Exchange To Be Launched Next Month

New Cryptocurrency Exchange To Be Launched Next Month

New cryptocurrency exchange to be launched next month Two-year run: Fakhrul says Pinkexc has been in the digital currency exchange business since 2016. KUALA LUMPUR: A homegrown cryptocurrency exchanger is launching a revamped version of its trading venue, targeting strong market appetite for the alternative asset class, amid increased regulatory scrutiny on the sector. Ipoh-based Pinkexc Sdn Bhd founder and chief executive officer Fakhrul-Razi Abu Bakar said the new platfom is scheduled to go live in February, six months after he took it offline to facilitate a major upgrade of its system. We have expanded our system capabilities and we are confident that the platform will be at par with the best out there, he told StarBiz. Pinkexc is seeking to fill the gap in the market after popular exchanger Luno said on Jan 12 that it was unable to processs deposits and withdrawals in Malaysia following a move by the Inland Revenue Board (IRB) to freeze its bank accounts. The IRB was reported to have said that while the cryptocurrency business was an unregulated industry in Malaysia, it was subject to Malaysian income tax. A conservative estimate put the average monthly trading turnover of bitcoin and other digital currencies in Malaysia at around RM75mil. At least one exchanger, according to a StarBizWeek report, had handled a trading volume of some RM500mil from Malaysian trades last year alone. There are four crypto exchangers operating in Malaysia, including London-based Luno and Pinkexc. To compare, there are more than 10 exchangers operating in neighbouring Singapore. Fakhrul said Pinkexc is the only Malaysian-owned exchanger in the country and has been in the digital currency exchange business since 2016. The new Pinkexc trading venue, he said, will feature six cryptocurre Continue reading >>

Malaysia Launches Cryptocurrency Exchange Regulations

Malaysia Launches Cryptocurrency Exchange Regulations

Malaysia Launches Cryptocurrency Exchange Regulations Malta's PM Says Cryptocurrencies are Future of Money Malaysia launches cryptocurrency exchange regulations. The central bank of Malaysia mentions that the rules will be applicable for all activities that are performed by cryptocurrency exchanges that offer fiat-to-crypto and crypto-to-crypto trading services. 28 February, AtoZForex New cryptocurrency regulatory changes for the digital currency exchanges have been presented by the Malaysian central bank. In fact, the new requirements have already been put into effect. Malaysia Launches Cryptocurrency Exchange Regulations Bank Negara Malaysia has announced that its Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies is now the official law in the country. The official document from the central bank of Malaysia mentions that the rules will be applicable for all activities that are performed by cryptocurrency exchanges that offer fiat-to-crypto and crypto-to-crypto trading services. The move follows a long period of public consultation in regards to this issue. Back in December 2017, the central bank officials have presented a draft of rules . That time, the central bank has stated that 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). Moreover, the draft for the cryptocurrency exchange companies has been open for the public consultation. As a matter of fact, cryptocurrencies grow in popularity across Asia, with only South Korean cryptocurrency holders totaling at 1 million, according to some sources. The craze has reached critical levels, where many retail investors are leaving their jobs to tr Continue reading >>

Customer Id Now Required For Crypto Exchange Purchases In Malaysia

Customer Id Now Required For Crypto Exchange Purchases In Malaysia

Customer ID Now Required for Crypto Exchange Purchases in Malaysia New policies for cryptocurrency exchanges developed by Malaysia's central bank have gone into effect. Bank Negara Malaysia announcedTuesday that its "Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies" is now the law of the land.As outlined in the published policy documentation, the rules will apply to all activities performed by cryptocurrency exchanges that offer both fiat-to-crypto and crypto-to-crypto trading services. The move follows months of public consultationon the issue. In December, officials from the central bank published draft rules which were then opened up for input to industry stakeholders. Officials began speaking publicly about the framework as far back as November, as reported at the time. At its heart, the policy requires that exchanges be more diligent about checking and collecting information about the customers who are using their trading platforms, according to the text released Tuesday. "Reporting institutions are required to conduct customer due diligence on all customers and the persons conducting the transaction when the reporting institution establishes business relationship with customerandwhen the reporting institutions have any suspicion of money laundering or terrorism financing," the policy document states. Specific pieces of data required include the customer's full name, their address and date of birth, as well as information about the purpose of their transactions. Still, the central bank stressed that Tuesday's release doesn't represent any kind of endorsement from them - nor does it mean that officials are moving to consider cryptocurrencies a form of legal tender in Malaysia. "Members of the public are advised to carefully eva Continue reading >>

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