KUALA LUMPUR, Feb. 27 (Xinhua) -- The Malaysian central bank on Tuesday unveiled the Anti-Money Laundering and Counter Financing of Terrorism Policy for digital currencies.
The central bank said the policy aims to ensure that effective measures are in place against money laundering and terrorism financing risks associated with the use of digital currencies and increase the transparency of digital currency activities in Malaysia.
The central bank also reiterated that the invocation of reporting obligations on digital currency exchange business does not in any way connote the authorization, licensing, endorsement or validation by the bank of any entities involved in the provision of digital currency exchange services.
"The public is reminded that digital currencies are not legal tender in Malaysia.
"Accordingly, digital currency businesses are not covered by prudential and market conduct standards or arrangements that are applicable to financial institutions regulated by the bank," it said.
It also advised the public to carefully evaluate the risks associated with dealings in digital currencies.
The policy document has taken into account feedback received during the public consultation period on the exposure draft released on Dec. 14, 2017, according to the bank.
