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Malaysia moves ahead with virtual currency regulatory framework

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Malaysia moves ahead with virtual currency regulatory framework

Malaysia's central bank plans to regulate virtual currency-related institutions to prevent the system from being used in illegal activities, Reuters reported Nov. 22.

Bank Negara Malaysia Governor Muhammad Ibrahim said the central bank will from 2018 designate entities converting cryptocurrencies into conventional currencies as "reporting institutions" under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

These companies will then be required by law to implement measures against money laundering and terrorism-financing activities.

The governor did not disclose specifically when regulations will be introduced, though the central bank said in October that it expected to make a decision on the use of cryptocurrencies before the end of 2017.