Malaysia requires reports of digital currency transactions
The Central Bank of Malaysia (BNM) initiated a policy compelling digital currency exchangers to report their activities, reported The Star newspaper on December 15.
The Central Bank of Malaysia (BNM) initiates a policy compelling digital currency exchangers to report their activities (Photo: AFP/VNA)Kuala Lumpur (VNA) – The Central Bank of Malaysia (BNM) initiated a policy compelling digital currency exchangers to report their activities, reported The Star newspaper on December 15.
Under the new policy, digital currency exchange operators will be categorised as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
In a statement, the bank stressed that the invocation of reporting obligations on digital currency exchangers is the first step towards making digital currency activities more transparent in Malaysia.
The BNM reiterated its stand in 2014 that digital currency, including bitcoin and other crypto-currency types, is not legal payment methods in Malaysia.-VNA
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