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Malaysia regulator issues guidelines on digital currency

Bank Negara Malaysia, Malaysia’s central bank, said it has issued draft regulations for digital currency businesses, but maintained such currencies were still not legal tender in the country. A draft of the guidelines, which has been issued for public consultation, said digital currency exchange businesses will be designated as ‘reporting institutions’ under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. It added in a statement the proposed policy sets out the legal obligations, requirements and standards that digital currency exchangers, which will be defined under the First Schedule of the AMLA, must carry out as reporting institutions. However, the draft regulations are not an authorization or endorsement of any entities involved in the provision of digital currency exchange services, BNM said.

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