The Central Bank of Malaysia published new rules for operating in the country crypto exchanges, according to which they should verify the identity of their customers, monitor transactions and report any suspicious activity to the Malaysian authorities. In addition, companies must inform the regulator’s statistics.
Bank Negara Malaysia has asked the public to weigh measures aimed at mitigating the problems related to money laundering and financing of terrorism associated with cryptocurrency.
If the initiative is approved, the rules will apply to any person or company which is engaged in exchanging cryptocurrencies. Despite the fact that in accordance with the rules of the company can use cryptocurrencies, the country is officially still not recognize their legal tender.
«We urge the public to conduct the necessary investigation and assessment of the risks associated with the exchange of digital currencies, or with organizations providing services related to digital currencies».
Bank Negara Malaysia has feedback on the bill until January 14.