Malaysia Remains Open to Crypto Trading
HomeCryptocurrency NewsBitcoinist.com

Malaysia Remains Open to Crypto Trading

With the majority of Asian nations attempting to regulate cryptocurrency exchanges, the number of those declining to clamp down is dwindling...

SBI Holdings to Exclusively List Ripple’s XRP at Launch of SBI Virtual Currencies
e-Chat can conduct Ethereum Hardfork after the ICO
e-Chat can conduct Ethereum Hardfork after the ICO

With the majority of Asian nations attempting to regulate cryptocurrency exchanges, the number of those declining to clamp down is dwindling. Malaysia is among those nations that are currently free from regulatory laws and are not imposing a ban on crypto.


According to the Malaysia Reserve, the country’s finance minister said that the central bank will not impose a blanket ban on cryptocurrencies as such action will only curb innovation and creativity in the financial sector, particularly fintech. In an interview with the news outlet, he stated:

The government is fully aware of the need to strike a balance between public interest and integrity of the financial system.

Public Protection

Similar to action in Thailand, Malaysia wants to inform and protect the public from making rash investments in the nascent crypto markets. The ministry said that the monetary authority is taking a cautious approach with digital currencies, including Bitcoin, to ensure safety measures are in place to protect the interest of the public.

The statement went on to say:

It is not the intention of the authorities to ban or put a stop on any innovation that is perceived to be beneficial to the public. However, similar to any financial and investment schemes, there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained.

Malaysian Government to Introduce Regulatory Framework for Cryptocurrencies

No Regulation

Currently, Bank Negara Malaysia (BNM) does not regulate cryptocurrencies. However, it will ensure that exchanges comply with requirements to conduct customer due diligence and report suspicious transactions to the authorities. This is a similar stance to that taken in South Korea, where authorities have laid out plans to regulate how exchanges handle their clients to prevent money laundering and criminal activity.

The Malaysian finance ministry went on to state:

Financial innovation will not only enhance productivity of economic activities, but also make financial intermediation more seamless, it is imperative for the authorities to have a thorough understanding on digital currencies before embarking on any policy actions. This is particularly relevant to recent innovation like bitcoin, which remains unregulated globally and not battle-tested against shocks, unlike more conventional mediums of exchange.

With a global market capacity rapidly approaching $700 billion and the majority of crypto trading taking place in Asia, governments and central banks in the region need to get ahead of the game.

Will Asian nations continue to lead the way in the crypto markets? Add your comments below. 


Images courtesy of GoodFreePhotos, Pixabay, and Bitcoinist archives.

The post Malaysia Remains Open to Crypto Trading appeared first on Bitcoinist.com.



from Bitcoinist.com http://ift.tt/2CN2MBX
Name

Bitcoin News,5117,Bitcoinist.com,4741,Cryptocurrencies,4741,Cryptocurrencies Latest News,5117,Cryptocurrency Latest News,4741,Cryptocurrency News,9858,
ltr
item
Cryptocurrency Latest News: Malaysia Remains Open to Crypto Trading
Malaysia Remains Open to Crypto Trading
http://ift.tt/2CJNTQA
Cryptocurrency Latest News
http://cryptocurrencylatest.blogspot.com/2018/01/malaysia-remains-open-to-crypto-trading.html
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/
http://cryptocurrencylatest.blogspot.com/2018/01/malaysia-remains-open-to-crypto-trading.html
true
1236144943044321696
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy