Last week, new guidelines on the fight against money laundering and the financing of terrorism, which specifically deals with crypto-currencies, are entered into force in Malaysia. The new regulation requires companies to exchanges of crypto-currencies malaysian to adhere to the KYC. In addition, the actors operating in the sector must now ask for the identity documents.
If you missed the announcement, here are the details in English :
Increase transparency on the market of crypto-currencies
The bank Negara Malaysia said that this measure aims to ensure the provision of effective defences against money laundering and the financing of terrorism. The crypto-currencies are generally considered to be a means for criminals to fund various terrorist activities. On the other hand, the authorities also aim to increase the transparency of the activities related to digital currency. The goal here is to promote greater transparency in the use of crypto-currencies. This will also protect the integrity of the financial system and to strengthen the initiatives to minimize the risk of fraud.
The act came into force on 27 February. The bank Negara Malaysia has indicated that it has taken into account comments received during the public comment period. She added that all the companies operating in this sector must comply with this law.
A policy of fight against money laundering in the country
The document stipulates that the companies of trade of crypto-currencies malaysian are bound to take the precautions necessary to control its customers. So, now they must collect the full name, address and date of birth of all the persons performing currency transactions digital, in addition to identity documents.
Source : Pixabay. Malaysia implements regulations on crypto-currencies.
Bank Negara Malaysia reiterated that the crypto-currencies are not recognized as legal tender in the country. Therefore, this financial institution has stated that the specialized companies in the field are not covered by standards of conduct and market applicable to financial institutions regulated by bank Negara Malaysia.
Source : NewsBitcoin