Cryptocurrency legislation in Malaysia, Mexico and Moscow

Malaysian authorities decided to develop a more detailed legislation on fintech due to the rise of cryptocurrency popularity, writes Free Malaysia Today. The Bank Negara Malaysia (BNM) is very interested in developing legislation that will prevent money laundering and financing of terrorism, stressed Muhammad bin Ibrahim, the bank governor. However, the latest statement gives an impression that Malaysian government (unlike the Chinese regulators) would want to see working cryptocurrency market, regulated by established and precise rules.

Mexican central bank, also known as the Bank of Mexico, wants to regulate and pre-approve every ICO (initial coin offering) in the country, the corresponding legislation is planned to be introduced today, considered by a special commission and then sent to the Mexican senate for further development and final approval.

Meanwhile in Russia, Burger King representatives were summoned to the prosecutor’s office to file an explanation regarding its ‘whoppercoins’, the corporate cryptocurrency designed to attract customers and introduced at the end of summer 2017. Russian law enforcement is well aware that digital currencies are legally still in the gray zone, so cryptocurrency businessmen sometimes become their targets. Burger King insists that as cryptocurrencies are not mentioned in the current Russian legislation and there was no ban of them, it’s legal to use these whoppercoins. While this happens, German Klimenko, the adviser of the President of the Russian Federation, is offering the United States to cooperate in blockchain and cryptocurrency development, putting all disagreements behind.