Topic: [2017-09-20] Malaysia's Central Bank Is Close to Drafting New Cryptocurr. Rules (Read 5663 times)

Interesting developments...which of the central banks is going to be next I wonder in drafting new cryptocurrency rules, and also with the announcement that South Korea is banning ICOs?

Hopefully Indonesia follow in the footsteps of Malaysia, the Government of Indonesia has not been interested to discuss about this. I hope Indonesia can compete with Asian countries to make good rules or legalize the use of Bitcoin.

This shows that regulations aren't necessarily a bad thing when implemented fairly. I am a great supporter of proper regulations that are meant to not break any laws, have ancient laws updated to meet the new standards of technology, and eventually allow people to make the decision for themselves whether or not they end up investing and using crypto in their own preferred way. Too bad that there are certain countries not willing to change for the better - crypto is something that should be openly welcomed, and not avoided. I am fairly sure that within 5 years, the far majority of the countries in the world have set up proper regulations that fit in this techology filled era. I am a proud Bitcoiner looking back at how far we have come, but at the same time knowing that this is just the start.

Asia leading the way (minus China). Japan, South Korea and the Philippines as well have put up regulations issues by the Central Bank and more exchanges coming soon in the country. And now seeing Malaysian almost there with there own regulations as well. And soon local exchanges will be put up as well in the Malaysian soil. Too bad for China we makes a step backward toward crypto and bitcoin. And with regards to terrorism, I haven't seen a news as well tying bitcoin to any terrorist group. But its good to hear that they recognize that it can be used by terrorist to move funds around so I guess the regulations that they will come up will cover those grounds.

I find it interesting that all the regulators always talk about terrorism
financing as a reason for regulating anything related to money transfers.

However, in the case of Bitcoin I have yet to hear of a single case where
Bitcoin was actually used to finance terrorism. Until this has happenend
this whole terrorism financing thing just seems like a convenient pretext to
me to justify regulation.

I think they chose the right way, especially if they wish to go on the first positions in economic development. This is one more plus for bitcoin and it's promotion. There is no doubt that they take Japaneese and Australian experience as the example. Good luck Malaysia and please, bring to bitcoin higher price 

This is a good sign that Bitcoin gets Malaysia attention, I just hope that it follows Japan and Australia's example and not the "hostility" of China against Bitcoin.  Though I cannot blame them for giving restriction to Bitcoin since it is unregulated and  government supposed to protects its citizen so I guess it is normal for them to pass rule in order to protect their citizen from fraud crowdfunding.

Malaysia's central bank is reportedly planning to draft cryptocurrency regulations by the end of this year.

Muhammad bin Ibrahim, governor of Bank Negara Malaysia (BNM), told reporters at a symposium on September 19 that the institution wants to develop rules for those trading and exchanging cryptocurrencies. That process would also involve the reinforcing of existing regulations on money laundering and terrorism financing, he said, according to regional news source Free Malaysia Today.

Bin Ibrahim was quoted as saying:

    "We hope that by year-end, [we] will be able to come out with some guidelines on cryptocurrency, particularly those related to anti-money laundering and terrorist financing. We want to ensure there are clear guidelines for those who want to participate in this particular sector."

It's unclear at this time what shape those regulations will take, or whether other regulatory bodies will take part in the process. However, the move represents a shifting stance on the part of the central bank, which said in early 2014 that it "does not regulate the operations of bitcoin."

At the time, the BNM said that it does not consider bitcoin to be legal tender.

Further, the statements represent the latest regulatory development in Malaysia around the technology. Earlier this month, the Malaysian Securities Commission, which oversees financial markets in the country, warned investors against initial coin offerings (ICOs).

https://www.coindesk.com/malaysias-central-bank-close-drafting-new-cryptocurrency-rules/