The Government in Malaysia still hasn’t decided whether or not to legalize cryptocurrency in today’s crypto news we are trying to find why this is the case.
Other neighboring nations such as Thailand, Hong Kong, and Singapore are working hard to provide the right regulation for their crypto markets, Malaysia is falling behind. The country is one of the very few nations that still don’t have a clear stance on digital currency and no one knows whether a decision will be made in the near future.
The Minister of the Federal Territories Khalid Abdul Samad confirmed this issue when he was attending a charity event in Kuala Lumpur where he said that the government is still unsure in which direction to go in regards to legalizing cryptocurrency. He said:
‘’People have asked me if these (cryptocurrency and digital currency) currencies are legal or illegal. At the moment, the answer is neither legal nor illegal as the situation is still unclear. Yes, I was involved in the launch of Harapan Coin. However, I was not appointed as finance minister. Instead, I became federal territories minister.’’
Because of the government’s indecision, the country is falling behind other major financial players in SE-Asia. Thailand was also very slow into delivering a regulatory framework but it’s currently running full speed with the Thai SEC issuing licenses daily.
Singapore and Hong Kong are working on their regulatory measures with great speed as well. Samad even told the local Malaysian media:
‘’As the matter is not under my jurisdiction, I cannot push too much.’’
Samad is one of the biggest supporters of integrating cryptocurrency into the country and has tried to convince the Prime Minister and Bank Negara Malaysia to use the Harapan Coin for governmental transactions but without result.
South Africa Doesn’t Intend On Banning Crypto Trading
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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