In Malaysia Crypto Trading Now Required Customer ID

New policies for crypto exchanges developed by Malaysia's Central Bank is now the law of the land  
01 March 2018   987

According to the announcement, the new "Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies" entered into force. As it is indicated in the published policy  documentation, the rules will affect all activities performed by cryptocurrency exchanges that offer both fiat-to-crypto and crypto-to-crypto trading services.

This policy followed months of public consultation. In December, draft rules were published by officials from the central bank. According to the policy, exchanges must check and collect information about the customers who are using their trading platforms more carefully.

The policy document states that institutions are required to conduct customer due diligence on all customers and the persons conducting the transaction when the reporting institution established business relationship with a customer, and when the reporting institutions have any suspicion of money laundering or terrorism financing.

The required data must include the customer's full name, their address and date of birth, as well as information about the purpose of their transactions.

At the same time, the central bank stressed that this policy doesn't represent any kind of endorsement from them nor does it mean that officials are moving to consider cryptocurrencies a form of legal tender in Malaysia.

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   87

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.