{"id":32117,"date":"2017-11-24T15:06:20","date_gmt":"2017-11-24T07:06:20","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=32117"},"modified":"2017-11-24T15:06:20","modified_gmt":"2017-11-24T07:06:20","slug":"digital-currencies-regulation","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/digital-currencies-regulation","title":{"rendered":"BNM To Regulate Digital Currency Deals Soon"},"content":{"rendered":"<p>Bank Negara Malaysia is working on a regulatory framework for digital currencies such as bitcoin, with the aim of further securing the country against money laundering and terror financing.<\/p>\n<p>Tan Sri Muhammad Ibrahim, the bank\u2019s governor, said from next year, those converting cryptocurrencies into fiat money would be designated as \u201creporting institutions\u201d under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.<\/p>\n<p>Reporting institutions are required by law to undertake preventive measures to prevent their firms from being used as a conduit for money laundering and terrorism financing activities, according to the central bank.<\/p>\n<p>\u201cThis is to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system,\u201d Muhammad said.<\/p>\n<p>But he did not say when the regulations would be finalised.<\/p>\n<p><em><a href=\"https:\/\/www.reuters.com\/article\/uk-malaysia-cenbank-cryptocurrency\/malaysia-says-working-on-regulatory-framework-for-crypto-currencies-idUSKBN1DM0DQ\" target=\"_blank\" rel=\"nofollow\">[Source]<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not so crypto now, right?<\/p>\n","protected":false},"author":29,"featured_media":31154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[216],"tags":[],"class_list":["post-32117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Malaysia To Control Digital Currency Deals Next Year<\/title>\n<meta name=\"description\" content=\"All in the name of securing national interests against money laundering and terror financing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/digital-currencies-regulation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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