After China and South Korea started cracking down on cryptocurrencies and altcoin exchanges, a new report states that the Malaysian government is preparing a regulatory framework for cryptocurrencies. A few months ago, news emerged that the Chinese regulatory body imposed bans and regulations regarding cryptocurrency activities.
Shortly after the Chinese financial regulatory body banned ICOs, South Korea’s Financial Services Commission declared a country-wide ban on all ICOs and token sales. The Chinese government regulators also warned certain Bitcoin and cryptocurrencies exchanges to close down their operations until proper regulatory mechanisms are properly installed.
Recently, an article by Reuters suggested that Malaysia is also planning to introduce its own regulatory framework for cryptocurrencies. Governor Muhammad Ibrahim stated in a financial summit that through the new regulatory framework, individuals that convert cryptocurrencies into fiat money will be declared “reporting institutions”.
This would require financial institutions to properly audit each exchange from cryptocurrencies to fiat, in order to appropriately detect any illegal activities. What are your thoughts on Malaysia’s upcoming regulatory framework for cryptocurrencies?.
http://bitcoinist.com/malaysian-government-is-planning-to-introduce-a-regulatory-framework-for-cryptocurrencies/
