Malaysia Is Going to Fight Against the Crypto Crimes

As you know, the cryptocurrency is now red meat to cyber criminals and is most often attacked by scammers. A joint study by the Center for Strategic and International Studies (CSIS) and McAfee has found that criminals often use the virtual currency because of its anonymity for money laundering, as well as funds raising and payment for the services.

However, Malaysian officials do not intend to make peace with the crimes and send its local police on the training courses for investigating cyber crimes, where police officers will sharpen their skills to combat digital currency fraud. The details of the program are not disclosed.

Amar Singh, the Director of the Commercial Crime Department, said that Bank Negara helped the police with the investigation of cyber crimes, adding:

"We [are] also going on courses with Bank Negara to understand better how the crime works and to deal with it. It is a new type of crime."

Malaysia does not intend to prohibit cryptocurrencies. Moreover, Malaysia is considered to be one of the most friendly countries in Asia in relation to the digital currency. In January of this year, the Deputy Minister of Finance of Malaysia Johari Abdul Ghani said that the government would not impose any bans on cryptocurrency trading. Johari added that such a ban didn't meet the interests of Malaysia, as this would hamper development and innovations in the financial sector.

"It is not the intention of the authorities to ban or put a stop to any innovation that is perceived to be beneficial to the public," said Johari.

JustMarkets, 2018.02.26

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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