Malaysia’s Deputy Finance Minister says, No ban on Cryptocurrencies
January 3, 2018 6:06 am
Malaysian local media reports say that the Malaysian deputy finance minister, Datuk Seri Johari Abdul Ghani, has told that his country will not consider cryptocurrency as illegal and the regulations are still being considered.
Johari told to The Malaysian Reserve:
“Financial innovation will not only enhance the productivity of economic activities but also make financial intermediation more seamless, he is particularly relevant to recent innovations like bitcoin.”
While the Bank Negara Malaysia (BNM) doesn’t currently have crypto trade regulations in place, the authorities are collecting the information in order to make educated decisions on how to best protect the public without suffocating the innovation.
Opposed to more powerful positions taken by the other countries, Johari’s comment represents a measured approach to the cryptocurrency. He imagined that Malaysia can produce the economic advantages that come with the technology while minimizing the associated risks to the consumers.
“The government is fully aware of the need to strike a balance between public interest and integrity of the financial system, similar to any financial and investment schemes, there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained.”
Johari also mentioned that BNM will be working to assure that digital currency exchanges will notify the suspicious transactions and comply with Know-Your-Customer requirements.
Johari’s overarching importance was that all financial Technology innovations, such as cryptocurrencies and electronic wallets, should be included in Malaysia’s digitalization roadmap.