Those trading cryptocurrency will soon be subject to anti-money laundering laws in Malaysia. Tan Sri Muhammed Ibrahim, Governer of the Central Bank of Malaysia, explained that the changes were necessary to Âto prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system,Â Â
It has been reported that from 2018 those who wish to convert their BTC, ETH, LTC or in fact any cryptocurrency into fiat currency will be subject to the countries anti-money laundering laws. The Central Bank of Malaysia is in the process of developing a regulatory structure for cryptocurrencies.
The countyÂs plans were unveiled by Mr. Ibrahim at the Third Counter-Terrorism Financing Summit, a gathering of over 350 specialists and professionals from 35 counties with the aim to share insights into the latest terrorism financing issues.
Mr. Ibrahim explained that ÂThe adoption of artificial intelligence, machine learning, and big data technology are tools that would likely be imperative, as suspicious transactions become more complex and harder to detect,Â
How much impact will the new regulations have, well it is hard to judge at this stage, quite like it is hard to judge suspicious transactions in the cryptocurrency world.
An unnamed resident of Malaysia is reported as stating ÂLaws are more like guidelines in Malaysia, the people just make their own decisions on what they want to follow. Even if crypto was banned people wouldnÂt care. Technically [the song] ÂDespacitoÂ is banned in Malaysia,Â
Due to the cross border nature of cryptocurrency the anti-money laundering laws could become closer to home than expected.