Under the new policy, digital currency exchangers will be categorised as reporting institutions under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA). “The invocation of reporting obligations on digital currency exchangers is the first step towards making digital currency activities more transparent in Malaysia,” Bank Negara said in a statement. It also does not connote authorisation, licensing, endorsement or validation by Bank Negara on any entities involved in the digital currency exchange services. “Digital currency businesses are not covered by prudential and market conduct standards, or arrangements that are applicable to financial institutions regulated by Bank Negara,” it said. “Members of the public are advised to carefully evaluate the risks associated with dealings in digital currencies,” Bank Negara said.

Source: The Star December 14, 2017 13:18 UTC