Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines for Crypto
Malaysia is set to issue new cryptocurrency guidelines by the end of 2017.
A recent statement by Malaysia’s Bank Negara governor that Malaysia may be the next to open its doors to Bitcoin has generated substantial interest in the cryptocurrency community. This would undoubtedly increase the use of Bitcoin by many millions, as residents within the country would have access to relatively cheap payment remittance platforms that were otherwise non-existent.
According to one source, this change could come as quickly as November after the meeting that is to determine the central bank’s stance:
“During this meeting, it will be decided how the economy should be positioned in regards to cryptocurrencies. It appears this will also be the final meeting among regulators to determine the future of Bitcoin and altcoins in Malaysia moving forward.”
The government is following a trajectory that has been adopted by a number of other governments in recent months. Australia and Hong Kong have both issued statements indicating a generally positive outlook for Bitcoin, ICOs, and cryptocurrencies generally.
The Malaysia’s Bank Negara governor Tan Sri Muhammad Ibrahim addressed the Global Symposium on Developing Financial Institutions saying:
“We hope to come out with guidelines on cryptocurrencies before the end of the year: in particular, those relating to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector.”
While not an explicit statement, it is suggesting that the government will legalize Bitcoin as a currency, the statement indicates that, after adding guidelines, the country will allow its citizens to participate in the cryptocurrency market legally.
Malaysia has already been seen as an excellent location for Bitcoin and other cryptocurrencies, and a legalization would create a mass of new investment into the country.