Malaysia Set to Further Regulate Cryptocurrency Exchanges and Payment Usage
Move to Enhance Transparency and Protect Consumers
Joint Press Statement by Securities Commission and Bank Negara
The Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) are taking further steps to regulate cryptocurrency exchanges and their usage for payment purposes in the country.
In a recent joint press statement, the regulators announced new proposed regulations that aim to hold digital exchanges to a higher standard of transparency and accountability.
The move comes after a surge in cryptocurrency trading and a growing concern about the potential risks associated with these digital assets.
The proposed regulations will require exchanges to register with the SC and comply with a range of requirements, including:
- Implementing robust anti-money laundering and countering the financing of terrorism (AML/CFT) measures
- Maintaining adequate financial resources to cover liabilities
- Providing clear and accessible information to investors
The regulators also stated that they intend to address the use of cryptocurrencies for payment purposes, but no specific plans or policies were outlined.
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