Malaysia joins Singapore in hands-off policy on Bitcoin
Malaysia’s Central Bank has chimed in with a couple of other countries to issue policy statements on Bitcoin at the beginning of this new year. Bank Negara Malaysia said in an announcement on its website that it would not consider Bitcoin as legal tender, nor would it take any steps to regulate it. “The public is therefore advised to be cautious of the risks associated with the usage of such digital currency,” the statement read. This strongly mirrors the policy set forth by an announcement from Singapore’s central bank just before Christmas. The ramifications of this announcement are not....
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While some world governments are taking a hands-off approach when it comes to bitcoin, others are getting their hands right in there and seeing potential for additional revenue. News reports out indicate that the Singapore government is planning to tax a cut of some bitcoin transactions. Reportedly, companies registered in Singapore who exchange bitcoin for goods and services or buy/sell bitcoin are subject to being taxed, according to the Inland Revenue Authority of Singapore (IRAS) - the country's tax authority. On the other hand, companies who purchase bitcoin and hold for the long-term....
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Malaysia's Central Bank, Bank Negara Malaysia (BNM), joined others by publishing its own statement on bitcoin this week. The statement was similar to those issued in other countries of late, but probably the briefest we've seen from a central bank so far. An announcement, posted on the bank's official website, simply said: "The bitcoin is not recognised as legal tender in Malaysia. The Central Bank does not regulate the operations of bitcoin. The public is therefore advised to be cautious of the risks associated with the usage of such digital currency." There has been a flurry of similar....