Malaysia tightened the crypto rules

The new policy for cryptocurrency exchange developed by Malaysia's central bank came into effect today.

Bank Negara Malaysia on Tuesday announced that "Anti-Money Laundering and Digital Currency Elimination Policy". regulations will apply to all cryptographic exchange users who offer crypto fiat trading services.

The move follows months of public consultation on the issue. In December 2017, officials from the central bank issued a regulation that was then publicized for users and managers of digital currencies. Relevant officials began to speak in public about the framework in November 2017.

In essence, the policy requires the stock exchange to diligently check and collect information about customers who use their trading platform, in accordance with the rules issued on Tuesday.

The reporting agent is required to conduct customer due diligence on all customers and people who transact when the reporting agency establishes a business relationship with the customer and when the reporting agency suspects funding for money laundering or terrorism,

Certain data pieces required include their customers' full name, address and date of birth, as well as information about the purpose of their transactions.

However, the Malaysian central bank stressed that the news on Tuesday did not represent their endorsement - nor does it mean the official is moving to consider cryptography as a legal tender in Malaysia.

"Community members are advised to carefully evaluate the risks associated with digital currency transactions," the central bank said.