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In Financial Institutions

Digital Currencies and Digital Tokens are Regulated as Securities under Malaysian Securities Laws

by 2 Mins Read

Pursuant to the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 (the Prescription Order), which came into force on 15 January 2019, digital currencies and digital tokens which are not issued or guaranteed by any government body or central bank, and fulfils other specific features, are prescribed as securities.The implications of treating digital currencies and digital tokens as securities are significant as the Malaysian Capital Markets and Services Act…

In Financial Institutions

The Malaysian Central Bank issues policy document for digital currencies

by 2 Mins Read

Bank Negara Malaysia (BNM) issued the policy document on Anti-Money Laundering and Counter Financing of Terrorism for Digital Currencies (Policy Document). The Policy Document was issued on 27 February 2018 following a public consultation process in 2017.Overview of the Policy DocumentUnder the Malaysian Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), a “reporting institution” (RI) includes any person who provides services of exchanging digital currency for money (and vice versa) or…

In FinTech

Beware Of The FinTech Wave: The Impact Of AI And Technology On Financial Services

by 4 Mins Read

In his 1982 film, Blade Runner, Sir Ridley Scott portrayed 2019 as a world dominated by artificial intelligence (AI) and technology, eliminating a number of roles performed by humans. This article in no way prophesises Ridley-Scott’s dark neo-noir picture, but warns readers to not underestimate the development of “FinTech”. Technological developments will provide automated personalised financial advice, more efficient clearing and settlement processes and easier payment methods for consumers. Financial institutions should view these developments…