By CCN: Malaysia’s Securities Commission (SC) has registered three cryptocurrency exchanges allowing them nine months to achieve compliance with regulatory standards. Malaysia has been strict with its regulation of cryptocurrency exchanges previously. These three are the first, and only, registered to operate in Malaysia legally. The three exchanges registered are Luno Malaysia, Sinegy...
Malaysian government officials have come out to say they are still undecided on whether or not they will legalize cryptocurrency. The matter is still under consideration, which is frustrating those looking to seize the moment to help the Malaysian cryptocurrency industry grow. As neighboring South East Asian nations such as Thailand, Singapore, and Hong Kong continue to regulate their crypto...
A Pakistani financial institution has rolled out a cross-border remittance service based on blockchain technology developed by Alibaba affiliate, Alipay. Telenor Microfinance Bank and Malaysian fintech firm Valyou have partnered to offer the service to that will operate between Malaysia and Pakistan. The service is expected to enhance the efficiency and speed of remittances from the former to the...
Following months of investigation into the 1MDB scandal in Malaysia, the country’s attorney general Tommy Thomas has filed criminal charges against Goldman Sachs International and two of its Asian subsidiaries alongside former Goldman Partner Tim Leissner, alleged scam mastermind Jho Low and former 1MDB counsel Jasmine Loo. The Wall Street Journal reports that Malaysian authorities earlier...
The Malaysian central bank and the securities regulator have indicated that they will collaborate in implementing a regulatory framework for cryptocurrencies and ICO tokens. In a joint statement, Securities Commission Malaysia and Bank Negara Malaysia disclosed that this arrangement will be restricted to ensuring compliance only with the regulations and laws that fall under the oversight...
Malaysian Finance Minister Lim Guan Eng has revealed that a new set of comprehensive regulations guiding the activities of crypto exchanges and ICOs will come into effect in Q1 2019. Speaking in Kuala Lumpur on Wednesday at the FinTech Conference 2018 organised by Malaysia’s Securities Commission, he revealed that the new regulations are part of efforts by the Malaysian Securities...
Malaysia has indicated that the country’s central bank has the last word regarding the introduction of new cryptocurrencies. According to the Minister of Finance, Lim Guan Eng, the country’s central bank Bank Negara Malaysia (BNM), will have to be consulted regarding cryptocurrency projects as the final decision rests with the apex bank. “This is where I wish to advise all parties, no matter who...
RippleNet is expanding its network of banks by adding Malaysia’s CIMB Group to its fold. CIMB is the ASEAN’s fifth-largest bank and will team up with Ripple to work on enabling instant cross-border payments for CIMB’s markets. RippleNet’s customer base now constitutes over a hundred global financial institutions, which CIMB will be able to partner with, facilitating global payments. Despite being...
The Malaysian Ministry of Education is turning to blockchain technology to combat degree fraud in order to maintain the integrity and reputation of universities in the Southeast Asian country. This has seen the ministry unveil an issuance and verification system for university degrees based on the NEM blockchain. Known as the e-Scroll system, the idea of the blockchain application was mooted...
An initial coin offering (ICO) round launched with an aim to raise funds for an opposition political movement is raising eyebrows in Malaysia. Fahmi Fadzil, Lembah Pantai MP and PKP communications director, urged the government to practice caution while going ahead with the launch of Harapan Coin. The lawmaker said there is a need for the central bank and other financial authorities first to...
Ransomware creators have attacked Malaysian media giant Media Prima Bhd and are demanding bitcoins before they can allow access to the company’s compromised computer systems. According to The Edge Markets, which initially broke the news, the hackers struck on November 8 consequently denying the company’s employees access to the email system. The hackers are now demanding 1,000 bitcoins...
A survey commissioned by crypto firm Luno has found that the level of ownership and familiarity with cryptocurrencies was higher in Malaysia, Indonesia and South Africa compared to European markets. The three emerging markets of Indonesia, Malaysia and South Africa enjoyed varying levels of cryptocurrency ownership at 40%, 39% and 29% respectively. The respective levels of familiarity were 63%...
According to a report in the New York Times, Goldman Sachs bankers have been successfully brought to heel regarding their part in a massive multi-billion dollar embezzlement scheme in league with former Malaysian PM Najib Razak, who used proceeds from the scandal to purchase luxury items and fund an extravagant lifestyle. There’s nothing overly special about the scandal. It’s something that...
Smart vending machines capable of handling cryptocurrency payments will be installed throughout Malaysia and Israel by the end of 2018 as a result of a partnership between iVendpay and GoByte. Sergey Danilov, the founder of the iVendPay project, told CCN: “The partnership between iVendpay and Gobyte is caused by the high demand for universal services allowing to pay for goods with...
The Malaysian government is seeking to explore blockchain solutions in the nation’s three largest industries: renewable energy, palm oil, and Islamic finance. A task force named the Malaysian Industry-Government Group for High Technology (MIGHT) will be spearheading the move to adopt blockchain in each industry in order to increase transparency, sustainability, and logistical efficiency...
Financial services group HSBC said on Monday it had for the first time utilised blockchain technology to complete a speedy commercial trade finance transaction that normally takes around a week using normal paper-based processing mediums. The transaction was the first time that a blockchain – the technology which powers cryptocurrencies such as bitcoin – has been used for a commercial trade...
Malaysia’s central bank has issued a statement seeking to warn customers and distance itself from the Coinzer cryptocurrency. Bank Negara Malaysia’s concern is Coinzer’s use of official logos on their proposed physical token. The statement outlines that Coinzer’s use of the BNM and Jata Negara logo on their prototype token website and whitepaper are unauthorized, and the...
The head of Malaysia’s central bank has firmly stated that the fate of cryptocurrencies in the country depends on the public adopting them, adding it would neither ban nor recognize cryptocurrency. Speaking at the 40th-anniversary dinner of the Harvard Business School Alumni Club of Malaysia this month, Bank Negara governor Muhammad Ibrahim had some noteworthy things to say about the future of...
It wasn’t Malaysian regulators that suspended the dealership branch but instead the auto manufacturer, Proton Holdings. A Selangor-based Proton dealership took it upon itself to begin accepting bitcoin as a form of payment. The problem is that automaker Proton never gave the dealership the green light, with the company saying it doesn’t recognize cryptocurrencies as a payment method...
Malaysia’s statutory securities regulator and watchdog has issued a cease an immediate cease and desist to a startup’s initial coin offering (ICO). With a statement on Tuesday, the Securities Commission (SC) Malaysia ordered the CopyCash Foundation to “immediately cease and desist all its proposed activities including a purported plan to launch an Initial Coin Offering (ICO)”. CopyCash describes...
Malaysia will not enforce a blanket ban on the trading of cryptocurrencies like bitcoin, the country’s second finance minister revealed. In an interview with The Malaysian Reserve, the country’s second Finance Minister Johari Abdul Ghani has confirmed that the country’s central bank will not impose a ban on cryptocurrencies, emphasizing that such a draconian move would ‘curb innovation and...
The head of Malaysia’s central bank has revealed further details about the institution’s upcoming regulatory framework governing cryptocurrency usage in the country. Speaking in Kuala Lumpur at a counter-terrorism financing summit on Wednesday, Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim expanded on the upcoming “clear guidelines” for participants in the cryptocurrency sector. With a...
Malaysia’s statutory securities regulator and watchdog has revealed plans toward regulations for cryptocurrency trading in the country. In a speech on Monday at the SCxSC Digital Finance Conference in Kuala Lumpur, Securities Commission (SC) Malaysia chairman Ranjit Ajit Singh underlined the progress made in fostering and developing financial technologies in digital markets, following the...
Malaysia’s central bank has said that the country is the ideal ‘test bed’ for developing financial technology (fintech) solutions. Marzunisham Omar, the assistant governor at the Bank Negara Malaysia, explained that the growth of the sector has provided innovative opportunities within the financial industry. He said: At its core, fintech has led to the creation of various...
As Malaysia’s central bank develops guidelines for cryptocurrencies like bitcoin, a blanket ban is still not out of the question according to its governor. Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim was speaking to reporters on the sidelines of the 9th International Conference on Financial Crime and Terrorism Financing in Kuala Lumpur when he spoke about upcoming regulations for the...
Earlier this week, Cryptocoinsnews reported that the Malaysian government and its financial regulators are set to regulate the Malaysian bitcoin industry and legalize the usage of the digital currency within the country. Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim, a Malaysian central bank official, stated: “We hope that by year end, BNM will be able to come out with some guidelines...
Malaysia’s central bank is reportedly developing guidelines for cryptocurrencies like bitcoin, expected to come into effect later this year. Speaking to reporters on the sidelines of a financial symposium in Kuala Lumpur, Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim revealed that the central bank will develop “clear guidelines” for participants in the local digital currency sector. In...
Malaysia’s statutory securities regulator has issued a public statement warning investor of the risks involved in ICO (initial coin offering) fundraising. In a public release, Securities Commission Malaysia (SC) has moved to ‘caution’ investors of risks in ‘digital token based fundraising activities/investment schemes’. The regulator mentions Bitcoin and Ethereum as two virtual currencies used...
An independent Malaysian non-profit industry-government group is leading the effort to foster and develop the local blockchain industry in the country. The Malaysian Industry-Government Group for High Technology (MiGHT), an industry-government think tank that advocates and develops the country’s high technology agenda, is taking the first steps toward establishing Malaysia’s blockchain industry...
Malaysia’s proximity in the ASEAN region and its mix of urban, suburban and rural population makes it a suitable environment for testing and launching FinTech solutions for the global Islamic Finance market, according to a government official. Datuk Yasmin Mohamood, chief executive of Malaysia Digital Economy Corp (MDEC), a government-owned institution responsible for the country’s technology...
Blockchain Embassy Asia (BCE.Asia), a Malaysia-based non-profit, digitally-distributed organization that promotes blockchain governance as a method for collaboration among business entities in Asia, recently established a steering committee in its mission of educating organizations in Asia about the legal and technical implications of distributed ledgers. The organization recently fulfilled its...
Bitspark Limited, a remittance service that leverages bitcoin and blockchain technology, has partnered with Vitaxel Group, a direct sale organization, to bring Bitspark’s payment platform to Malaysia, the company announced in a blog. Bitspark enables money transfer businesses to send and receive money faster, cheaper, and more securely to more than 100,000-plus destinations worldwide. The two...