Is Malaysia Legalizing Cryptos?


Even as countries like China seem to be cracking down on aspects of the cryptocurrency revolution, some jurisdictions on the other hand are enacting friendly policies with the possibilities of wider adoption of digital currencies. A recent statement by Tan Sri Mohammed who is the governor of Malaysian Bank Negara at the Global Symposium on Developing Finance Institutions seems to indicate that Malaysia will soon open its doors to wider acceptability of Bitcoin.

Whiles addressing the symposium, he stated that the Bank Negara is working on a couple of cryptocurrency guidelines. “We hope to come out with guidelines on cryptocurrencies before the end of year: in particular, those relating to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector” he said.

While this statement does not clearly state it, it to some extent commits the government to a cryptocurrency legalization process. The governor in his statement gave clear indications that a framework will be developed to help ensure that Malaysian citizens are able to legally participate in the industry. Malaysia has been a bitcoin-friendly nation and an official recognition of digital currencies will only help accelerate widespread adoption.