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Malaysia proposes reporting obligations for digital currency exchanges

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Malaysia proposes reporting obligations for digital currency exchanges

Malaysia's central bank sought public input on draft regulations for implementing reporting obligations for digital currency exchange businesses even as it reiterated that digital currencies are not recognized as legal tender in the country.

Bank Negara Malaysia said the proposed policy sets out the minimum requirements and standards that digital currency exchanges must meet as reporting institutions under the country's anti-money laundering and anti-terrorism financing law. The policy will also increase the transparency of activities relating to digital currencies and support law enforcement activities, the central bank said.

Meanwhile, the central bank noted that the assigning of reporting obligations to digital currency exchange businesses does not imply that it regulates digital currencies or entities involved in the provision of digital currency exchange services.

The central bank is seeking public input on the proposed requirements for digital currency exchanges by Jan. 14, 2018.