Just recently, the Bank Negara Malaysia (BNM), the country’s central bank, has issued drafted digital currency regulatory guidelines for citizens and businesses residing in the region. The new regulations will fall under the country’s anti-money laundering and anti-terrorism financing act of 2001. If the guidelines are approved, cryptocurrency trading platforms must provide digital asset trade volume statistics, identify all customers, and also monitor transactions going in and out of the exchange.
Why are certain governments only concerned with regulating bitcoin because of terrorism and money laundering? is it that at least these governments should not worry about guaranteeing the rights of investors who use the exchange? regulating the exchange can help reduce the frequent cases of abuse that many exchange do with their clients. But it seems that regulators are not worried about ensuring that there is security in the exchange, that the exchanges respect their customers and do not steal money from their customers.
You have a point. But maybe they are just highlighting these part of the guidelines concerning on money laundering and anti-terrorism but must have also covered other important aspect like protecting the investors from not being victimized
from unscrupulous scam artists and making sure that there is the fair playing field that can attract investors to this business arena coming inside and outside of the country. I believe that regulations should be covering all of these concerns so that the country can enjoy the many benefits that cryptocurrency can be bringing. At any rate, this is already a very welcome development as this can mean that Bitcoin will be recognized by the government and that business operators can now surface into the open but have to follow the strict regulations otherwise face some penalties. Let's welcome Malaysia to the growing list of countries where Bitcoin is already legal. And thanks to the government for not following China but Japan.
