Malaysia Plans Cryptocurrency Reporting when converting to fiat

[CryptoGirl]

The governor of Malaysia's central bank, Bank Negara Malaysia (BNM), Muhammad Ibrahim said the new rules are being drawn up to combat the financing of money-laundering and terrorism in the country.

 under the framework, those who convert digital currencies into conventional money will be termed as "reporting institutions" from next year, under the country's anti-money laundering and anti-terrorism financing act.

Reporting institutions are obliged by law to take preventive measures, such as submitting suspicious transaction reports, to avoid acting as a channel for illicit money transmission.

Ibrahim added:

    "This is to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system."

https://www.coindesk.com/central-bank-of-malaysia-plans-cryptocurrency-reporting-rules/