Malaysia: Not Banning Cryptocurrency Tradings

Bank Negara Malaysia (BNM) not imposing blanket ban on Bitcoin & Cryptocurrencies, says Finance Minister II Datuk Seri Johari Abdul Ghani.

“However, there's a need for proper regulation and supervision to avoid cryptocurrency investment scams,” he said.

The move makes cryptocurrency activities more transparent in Malaysia, and the important of the risk dealing in digital currencies.

“Financial innovation will not only enhance productivity of economic activities, but also make financial intermediation more seamless,” he added.

The Finance Minister II also said Malaysians should be cautious dealing with cryptocurrencies, they should assess the associated risks such as hacking and price volatility.

Even though BNM doesn't regulate digital currencies currently, but it will ensure Digital Currency Exchanges (DCEs) complies with BNM requirements to conduct customer due diligence and to report suspicious transactions to the authorities.

Source: https://themalaysianreserve.com/2018/01/02/no-ban-cryptocurrency-tradings-says-johari/

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