In this jurisdiction, crypto-currencies are given an officially-approved status, but nevertheless, it isn’t allowed to be used as payment means. Bank Negra Malaysia – the country’s main banking establishment – published an appeal in which he focused on the fact that bitcoins are not officially recognized as a means of payment, and asked citizens to weigh all risks of using crypto-currencies in certain payment transactions. Country’s Minister supports this statement and is confident the government’s attitude towards crypto-currencies won’t change nearly. Nevertheless, in order to be able to offer services related to exchanges or circulation of crypto-currencies, organizations need to obtain permission as cryptocurrency license in Malaysia.
Crypto-currency regulations in Malaysia
- In this jurisdiction, crypto-currencies are equated with securities, which’s why tokens are covered by appropriate legislative basis and controlled by Securities Authorities according to Capital Markets Acts.
- Crypto-exchanges are controlled in accordance with Illegal Money Circulation and Terrorist Financing Prevention Norms for Capital Market Intermediaries. But later these bases have been adjusted and now the list of rules includes Capital Markets Act and Recognized Markets Norms 2019.
As stated in Malaysia сryptocurrency regulation, all crypto-exchanges are needed to be registered with SCM in order to operate legally. In order to be able to carry out their activities in accordance with local normative rules, companies are needed to hire qualified workers and managers who match all professional points and obtain cryptolicense in Malaysia. Crypto-exchanges need to follow a number of AML/CFT obligations during their operation and throughout their deals, which also require them to verify their customers and their operations in a certain way.
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Cryptocurrency exchange license in Malaysia: future of crypto-regulation
Malaysia cryptocurrency laws are quite stringent, but many do not lose hope these rules will become simpler and supple. Recently, Datuk Zahidi openly offered to reform the monitoring rules for crypto-currencies. He believes crypto-assets can be officially approved so young Malaysians also have possibilities to become a part of this system, because the crypto-industry is a great forcing mechanism of the future.
Country decided to look into this issue and began exploring a feasible Central Digital Currency. Previously, Bank Negra cooperated with partner establishments in Singapore and Australia to examine effectiveness of CBDCs. The research consisted of “proof of concept and experimentation to expand our mechanical and political possibilities if there’ll be a future need to release a CBDC.”
Eligibility to open a crypto-exchange business in Malaysia
To be eligible to open a crypto-exchange business in Malaysia, an initial due diligence must be completed; it’ll show the directors and all stakeholders meet normative rules to establish commercials and comply with the legislative basis for 100% foreign ownership and company structure. As a rule, this procedure takes from 1 to 2 months.
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