Governor of the Central Bank of Malaysia stated that from next year those converting cryptocurrencies into conventional currency will be designated as “reporting institutions” in accordance with the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.
The central bank also reports that institutions are bound by law to undertake preventive efforts to avoid their firms from being used as a channel for money laundering and terrorism financing activities.
This is to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system.
Tan Sri Muhammad bin Ibrahim
Governor of the Central Bank of Malaysia
However, the date of regulations implementation has not been announced yet.