Customers kryptomere Malaysia will be required to pass the verification

Malaysia introduced new legislative acts, concerning the clients of the cryptocurrency exchanges. The new rules require compulsory identification for all users without exception.

The Central Bank of Malaysia explained the introduction of such measures two main goals: the fight against money laundering and combating the financing of terrorism.

Under the new rules fall, as services to exchange Fiat currency for bitcoin, and companies that provide services exclusively in the cryptocurrency market.

The essence of innovation is increasing scrutiny by companies and stock exchanges, information about their customers:

«Financial firms that fall under article of the updated legislation is necessary to carry out thorough checks of their users even while using minimum service».

The process of identification is to provide the following data: full name of client, address and year of birth, as well as information about the purposes for which will be made of the transaction.

The introduction of new rules, in no way confirms the approval of the crypto activities from the Malaysian government and government agencies, said the Central Bank of Malaysia.

Assessment of risks associated with the cryptocurrency trade – the task of the investors and traders, believes the Bank’s management.

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