CENTRAL BANK OF MALAYSIA WILL REGULATE THE CRYPTOCURRENCIES MARKET
“The Malaysian Central bank plans to develop regulatory standards for cryptocurrency by the end of this year,” reports “Coin Desk” citing a local edition of “Free Malaysia Today.”
Recently, the head of the Central bank of Malaysia, Muhammad bin Ibrahim, said that the financial regulator intends to develop a set of norms governing the circulation of cryptocurrencies. According to him, new rules suggest hardening the fight against money laundering and financing of terrorism.
While it is not clear in which form the new regulatory norms will be approved, this step seems to indicate a radical change in the position of the Central bank of Malaysia, which announced that it would not “regulate operations with bitcoin” in 2014.
The statements of the Malaysian Central bank are an indicator of close attention of local regulators to new financial technologies. Earlier, the Securities Commission of Malaysia has warned of the danger of ICO.
We would also like to remind you that the Commission for the Supervision of the financial sector of South Korea intends to harden regulations in the area of cryptocurrencies and the rules related to ICO.
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