Bitcoin Likely To Be Legalised in Malaysia

Bitcoin may get Legalised in Malaysia as local Bank Negara Issues Crypto Guidelines

 At the moment, there is a lot of uncertainty in the market pertaining to the acceptance of Bitcoin and the cryptocurrencies. A wave of mixed signals is currently flowing in the cryptocurrency markets.

Amidst a major crackdown by the Chinese authorities for Bitcoin trading in the country, there are other countries who are weighing the option for legalising the use of Bitcoin.

At the Global Symposium on Developing Financial Institutions, governor of Malaysia’s Negara Bank, Tan Sri Muhammad Ibrahim said that the country is looking forward to embrace and legalize Bitcoin. In a statement, Tan said:

“We hope to come out with guidelines on cryptocurrencies before the end of the year: in particular, those relating to anti-money laundering and terrorist financing. We want to ensure that there are clear guidelines for those who want to participate in this sector.”

 This statement from the governor indicate’s that the bank is quite positive of Bitcoin trading. However, looking to the ongoing turmoil in China, Malaysia wants to put a proper regulatory framework and trading mechanism with proper guidelines and instructions.

It seems that other countries, at least for the time-being, are holding quite a positive outlook towards the rapid growth of fintech industry and the trading of virtual digital currencies involved.

On April 1 this year, Japan legalized Bitcoin and declared it as an official mode of payment. Soon after Japan, Australia moved in the same direction and announced that Bitcoin in Australia can be used “Just Like Money”.

Not only Australia recognized Bitcoin as legal but has also introduced a bill for removing Double Taxation policy on buying Bitcoin.

Also Read: Bitcoin Tax Policies, across various countries

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