Malaysia sets tight crypto-currency management
Malaysian police are working closely with the country’s central bank to handle cheating cases involving crypto-currency Bitcoin, the New Straits Times reported on February 26.
Malaysia sets tight crypto-currency management. (Photo: AFP/VNA)Kuala Lumpur (VNA) – Malaysian police are working closely with the country’s central bank to handle cheating cases involving crypto-currency Bitcoin, the New Straits Times reported on February 26.
The Malaysia-based newspaper quoted Inspector-General of Police Tan Sri Mohamad Fuzi Harun as saying, even though there were less than five known cases in the country so far, the police are always at the ready if the trend grows. “We are investigating the cases they have so far,” he said.
“Even though the number of cases and the amount involved are small, the Commercial Crime Investigation Department (CCID) must and will train its investigators so that they can handle such cases well,” he added.
The central bank of Malaysia has been helping police by sharing its expertise and knowledge on crypto-currency fraud cases. In 2014, the bank issued a statement that Bitcoin trading was not acknowledged as legal in Malaysia.
Last year, however, it proposed that guidelines should be produced for crypto-currency to prevent money laundering and financial support for terrorist activities.
In addition to Bitcoin, other forms of crypto-currency in Malaysia are Ethereum, Zcash, Dash, Tezos, Ripple dan Monero.-VNA
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