No formal plans to set up or appoint official cryptocurrency exchange - BNM

Bank Negara Malaysia building in Kuala Lumpur. FAIHAN GHANI/The Star.

KUALA LUMPUR: Bank Negara Malaysia (BNM) has categorically stated that there are no formal plans to establish nor appoint an official cryptocurrency exchange in Malaysia.

In a statement on Friday, BNM said, the article, published by Malaysian Reserve titled Govt may appoint an official cryptocurrency exchange, was speculative in nature and its statement implying that the bank was likely to appoint an official cryptocurrency exchange was misleading and untrue.

“A regulation will be issued to make any persons or entities providing the service of digital currency exchange as reporting institutions under schedule 1 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, effective 2018,” it said.

It said this would proactively secure Malaysia against the abuse of digital currencies for unlawful purposes amid the growing use of this new form of currencies and its associated exposure to money-laundering and terrorism financing risks. - Bernama
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