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Bank Negara Malaysia issues AML/CFT Policy for cryptocurrencies
The Bank Negara Malaysia (BNM) has published the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Policy for Digital Currencies, which aims to ensure that effective measures are in place to address these risks as well as enhance transparency of cryptocurrency activities in the country.
The policy has taken into account the feedback received from the representatives of existing digital currency exchangers, industry associations, law firms, financial institutions, academia as well as interested individuals during the public consultation period on the exposure draft released on 14 December 2017.
“The Bank wishes to reiterate that the invocation of reporting obligations on digital currency exchange business does not in any way connote the authorisation, licensing, endorsement or validation by the Bank of any entities involved in the provision of digital currency exchange services,” the central bank clarified in its media release.
The bank added that digital currencies are not legal tender in Malaysia and, as such, digital currency businesses are not covered by prudential and market conduct standards that are applicable to financial institutions regulated by it.
“Any persons carrying on activities involving digital currencies should refer to the details within 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,” it added.
The central bank said it will continue to monitor developments in digital currency space.