Bank Negara to enforce cryptocurrency regulations in 2018

Governor Muhammad Ibrahim says the use of artificial intelligence and big data in the financial sector will have the potential to increase the efficiency and accuracy of assessments, which is essential in a dynamic environment. – The Malaysian Insight file pic, November 22, 2017.

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.

Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one (1) week free access!

Subscribe Now!

Sign up or sign in here to comment.