Malaysia Legalizing Bitcoin? Bank Negara Issuing Guidelines for Crypto


In the wake of recent and painful Chinese cryptocurrency lockdowns, other countries are beginning to be more open to Bitcoin and others. A recent statement by Malaysia’s Bank Negara governor Tan Sri Muhammad Ibrahim at the Global Symposium on Developing Financial Institutions would indicate that Malaysia may be the next to open its doors to Bitcoin.

The governor addressed a number of different financial sectors but stated clearly that the Bank Negara was working on cryptocurrency guidelines. He 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.”

While not an explicit statement, it is suggesting that the government will legalize Bitcoin as a currency, the statement indicates that, after adding guidelines, the country will allow its citizens to participate in the cryptocurrency market legally.

Malaysia has already been seen as an excellent location for Bitcoin and other cryptocurrencies, and a legalization would create a mass of new investment into the country.