KUALA LUMPUR: The central bank has commenced work on a regulatory structure for digital currencies which will stem any emerging risk of terrorism financing. Bank Negara Malaysia governor Tan Sri Muhammad Ibrahim said starting 2018, entities converting crypto currencies into fiat money currencies will be regulated. The Anti-Money Laundering, Anti-Terrorism Financing ad Proceeds of Unlawful Activities Act 2001 will govern those converting crypto currencies into cash. Muhammad said digital currencies mark the beginning of a new era in the financial sector and its role of the financial sector as a bulwark against terrorists' financing becomes more critical. "We need to prepare ourselves as digital currencies becomes the new norm, according to many pundits."

Source: New Strait Times November 22, 2017 03:22 UTC