Cryptocurrency exchanges in Malaysia now need to fully identify traders after the entry into force of the new law against money laundering, Tuesday, February 27. ]

A copy of the legislation and the official press release of Bank Negara Malaysia (BNM) indicates that any exchange offering crypto-to-fiat, fiat-to-crypto and even crypto-crypto must "identify the client and verify the identity of this client."

As Cointelegraph reported in November 2017, providing for regulation, BNM governor Tan Sri Muhammad Bin Ibrahim put the # 39; focus on the need to control the potential criminal use of digital currencies

"The advent of digital currencies as some have anticipated will mark the beginning of the future. a new era in the financial sector.As authorities, we can not ignore these developments, "said the governor of the BNM

Traders must now comply with various laws relating to the "diligenc e reasonable ")

According to the legislation, " reliable, independent and source-based documents, data, or information " is required, and more particularly an issued piece of identity by the Government:

"As part of DC's conduct on an individual client and beneficial owner, the reporting institution must obtain at least the following information: ] (a) full name; (b) National Identity Card Number (NIC) or passport number or reference number of any other official document bearing the photograph of the client or beneficial owner; (c) residential or mailing address; d) date of birth; e) nationality; and (f) Purpose of the Transaction "

Formal measures to add transparency to the cryptocurrency trading markets are traditionally viewed with optimism by the promoters

who started in April last year, served to add weight to the argument that such measures are necessary to allow the cryptocurrency to begin to a much wider audience.

for after the elections in June this year, after having previously stipulated all exchange users must link the identity of their account to their bank account.