BANK Negara Malaysia will designate persons converting cryptocurrencies into fiat money as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 beginning next year.
Governor Muhammad Ibrahim said the move was aimed at preventing the abuse of the system for criminal and unlawful activities, and ensuring the stability and integrity of the financial system.
“We need to prepare ourselves, as according to many pundits, digital currencies will become the new norm.
Source/More: Bank Negara to enforce cryptocurrency regulations in 2018 | The Malaysian Insight
