Malaysia, cryptocurrency is legally recognized and regulated by the Securities Commission, a statutory body tasked with overseeing the capital markets within the country. This means that tokens are classified as securities and are therefore subject to the relevant securities laws.
Despite this recognition, Malaysia’s central bank does not consider cryptocurrencies or tokens to be payment instruments or legal tender. This distinction impacts how cryptocurrencies can be used and accepted within the financial system. Furthermore, businesses operating in the cryptocurrency space are required to comply with Malaysia’s income tax regulations, ensuring that their operations are transparent and aligned with national tax policies.
These regulatory frameworks indicate that while Malaysia is open to the incorporation of cryptocurrency within its financial ecosystem, it maintains a structured approach to ensure oversight and compliance.
Source: cointelegraph.com
