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.