Bank Negara Malaysia Cryptocurrency

A study published by bank negara malaysia in september explores the implications of a bank negara malaysia cryptocurrency or as the report calls it.

Bank negara malaysia cryptocurrency. A central bank backed digital currency. Jalan dato onn 50480 kuala lumpur malaysia. By fintech news malaysia november 1 2017. Bank refers to bank negara malaysia.

A regulation will be issued to make any persons or entities providing the service of digital currency exchange as reporting institutions under schedule 1 of the anti money laundering anti terrorism financing and proceeds of unlawful activities act. As malaysia s central bank bank negara malaysia promotes monetary stability and financial stability conducive to the sustainable growth of the malaysian economy. It also includes those natural persons who exercise ultimate effective control over a legal person or arrangement. This follows our report issuance of the policy paper titled anti money laundering and counter financing of terrorism policy for digital currencies sector 6.

He said cryptocurrency or digital currency had attracted a lot of. After a long wait bank negara finally issued a cryptocurrency guideline in malaysia in february. Kuala lumpur oct 6 the potential of cryptocurrency in islamic finance is looking bullish driven by the forward shift towards digital economy in line with the new normal according to datuk mohd daud bakar who chairs bank negara malaysia s shariah advisory council. Currently bank negara malaysia still welcomes feedback from the general public and all submissions must be made by 12 january 2018.

It basically decrees malaysians can trade in cryptocurrencies as long as exchanges and individuals collect information like their full name address and date of birth of all customers. Bank negara malaysia bnm is planning to issue guidelines on cryptocurrency by year end said its governor muhammad ibrahim. 1300 88 5465 bnmtelelink 603 2698 8044 general line bnmtelelink bnm gov my. Bank negara malaysia has published the list of cryptocurrency exchanges in malaysia that has registered itselves as a reporting entity with the regulator.

Bank negara finally issued a cryptocurrency guideline in malaysia in february after the market was left reeling from a recent crash in bitcoin s value it basically decrees malaysians can trade in cryptocurrencies as long as exchanges and individuals collect full and proper information such as full name address and date of birth of all customers in addition to id documentation. A central bank digital currency cbdc if introduced is unlikely to replace cash transactions any time soon. He said cryptocurrency may be deemed a new thing in islamic finance and. Beneficial owner refers to any natural person s who ultimately owns or controls a customer and or the natural person on whose behalf a transaction is being conducted.