Can the government clarify what is its position on cryptocurrencies? Bank Negara has clearly stated that digital currencies are not legal tender in Malaysia. Further, according to the Central Bank, digital currencies are not covered by prudential and market conduct standards that are applicable to financial regulations regulated by Bank Negara Malaysia. The Securities Commission Guidelines on Digital Assets clearly states that “digital currencies and digital tokens are not recognised as legal tender nor as a form of payment instrument that is regulated by Bank Negara Malaysia”.
Yet, the Securities Commission is registering companies involved in cryptocurrencies. Is the Securities Commission promoting the sale of illegal tender?
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