THERE is a possibility that the sale of all cryptocurrencies would be banned in Malaysia, a decision that Bank Negara Malaysia (BNM) will make by year-end.

“This (ban on cryptocurrencies) is something that we will decide on by the end of the year,” BNM Governor Muhammad Ibrahim said when asked if Malaysia would enforce the ban as how China had done.

Besides China, South Korea has also announced a ban on initial coin offering, the method through which cryptocurrency start-ups raise funds.

The guidelines that BNM was set to announce by the end of the year would reveal the country’s approach to cryptocurrencies, Muhammad told reporters after launching the 9th International Conference on Financial Crime and Terrorism Financing 2017 in Kuala Lumpur today.

However, if cryptocurrencies were allowed, the guidelines would address the issue in terms of registering the players, “collecting the data, and also making sure whatever they do will be (made) transparent”, he said.

“Just wait. Now is only October. In less than three months, we will give you the details.”

He said the guidelines would also address the risks associated with money laundering and terrorism financing in Malaysia. – Bernama, October 4, 2017.