Cryptocurrencies and anti-money laundering laws: the need for an integrated approach

This chapter attempts to clarify and describe the legal and regulatory framework for cryptocurrency with special focus on Malaysia and the threats that it poses from the anti-money laundering perspective. Currently, very few countries have legislations that regulate cryptocurrency. Nonetheless, the...

Full description

Bibliographic Details
Main Authors:	Zul Kepli, Mohd Yazid, Zulhuda, Sonny
Other Authors:	Oseni, Umar A.
Format:	Book Chapter
Language:	English
Published:	Emerald Publishing Limited 2019
Subjects:	HG Finance HG201 Money K Law (General)
Online Access:	http://irep.iium.edu.my/75457/ http://irep.iium.edu.my/75457/ http://irep.iium.edu.my/75457/ http://irep.iium.edu.my/75457/1/75457_Cryptocurrencies%20and%20anti-money%20laundering%20laws.pdf

id	iium-75457
recordtype	eprints
spelling	iium-754572019-12-31T08:16:51Z http://irep.iium.edu.my/75457/ Cryptocurrencies and anti-money laundering laws: the need for an integrated approach Zul Kepli, Mohd Yazid Zulhuda, Sonny HG Finance HG201 Money K Law (General) This chapter attempts to clarify and describe the legal and regulatory framework for cryptocurrency with special focus on Malaysia and the threats that it poses from the anti-money laundering perspective. Currently, very few countries have legislations that regulate cryptocurrency. Nonetheless, the crazy surge in prices (to more than 20-folds at some point) has sent both legitimate investors and criminals flocking to cryptocurrencies. This chapter analyses and compares the official reports from various governments, writings of government officials, experts and scholars in journals and newspapers, interviews and draws conclusions on the legal framework of cryptocurrency, and money laundering challenges. The study notes that the decision of the US regulators in allowing Bitcoin futures to trade on major exchanges to be one of the reasons behind the sudden surge. The study also finds that the South Korean regulators’ approach in banning its financial institutions from dealing with virtual currency is a positive one. The chapter stresses that it is not adequate for regulators to warn the public to act with extreme caution and increase their understanding on the risks they take on if they choose to invest in cryptocurrencies. Instead, it is necessary to have comprehensive international and national laws and regulations for the control and management of cryptocurrencies. In addition, the anti-money laundering legal framework must be improved to cater to the new threats posed by cryptocurrency. Emerald Publishing Limited Oseni, Umar A. Hassan, M. Kabir Hassan, Rusni 2019 Book Chapter PeerReviewed application/pdf en http://irep.iium.edu.my/75457/1/75457_Cryptocurrencies%20and%20anti-money%20laundering%20laws.pdf Zul Kepli, Mohd Yazid and Zulhuda, Sonny (2019) Cryptocurrencies and anti-money laundering laws: the need for an integrated approach. In: Emerging Issues in Islamic Finance Law and Practice in Malaysia. Emerald Publishing Limited, United Kingdom, pp. 247-263. ISBN 978-1-78973-546-8 https://doi.org/10.1108/978-1-78973-545-120191020 https://doi.org/10.1108/978-1-78973-545-120191020
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance HG201 Money K Law (General)
spellingShingle	HG Finance HG201 Money K Law (General) Zul Kepli, Mohd Yazid Zulhuda, Sonny Cryptocurrencies and anti-money laundering laws: the need for an integrated approach
description	This chapter attempts to clarify and describe the legal and regulatory framework for cryptocurrency with special focus on Malaysia and the threats that it poses from the anti-money laundering perspective. Currently, very few countries have legislations that regulate cryptocurrency. Nonetheless, the crazy surge in prices (to more than 20-folds at some point) has sent both legitimate investors and criminals flocking to cryptocurrencies. This chapter analyses and compares the official reports from various governments, writings of government officials, experts and scholars in journals and newspapers, interviews and draws conclusions on the legal framework of cryptocurrency, and money laundering challenges. The study notes that the decision of the US regulators in allowing Bitcoin futures to trade on major exchanges to be one of the reasons behind the sudden surge. The study also finds that the South Korean regulators’ approach in banning its financial institutions from dealing with virtual currency is a positive one. The chapter stresses that it is not adequate for regulators to warn the public to act with extreme caution and increase their understanding on the risks they take on if they choose to invest in cryptocurrencies. Instead, it is necessary to have comprehensive international and national laws and regulations for the control and management of cryptocurrencies. In addition, the anti-money laundering legal framework must be improved to cater to the new threats posed by cryptocurrency.
author2	Oseni, Umar A.
author_facet	Oseni, Umar A. Zul Kepli, Mohd Yazid Zulhuda, Sonny
format	Book Chapter
author	Zul Kepli, Mohd Yazid Zulhuda, Sonny
author_sort	Zul Kepli, Mohd Yazid
title	Cryptocurrencies and anti-money laundering laws: the need for an integrated approach
title_short	Cryptocurrencies and anti-money laundering laws: the need for an integrated approach
title_full	Cryptocurrencies and anti-money laundering laws: the need for an integrated approach
title_fullStr	Cryptocurrencies and anti-money laundering laws: the need for an integrated approach
title_full_unstemmed	Cryptocurrencies and anti-money laundering laws: the need for an integrated approach
title_sort	cryptocurrencies and anti-money laundering laws: the need for an integrated approach
publisher	Emerald Publishing Limited
publishDate	2019
url	http://irep.iium.edu.my/75457/ http://irep.iium.edu.my/75457/ http://irep.iium.edu.my/75457/ http://irep.iium.edu.my/75457/1/75457_Cryptocurrencies%20and%20anti-money%20laundering%20laws.pdf
first_indexed	2023-09-18T21:46:46Z
last_indexed	2023-09-18T21:46:46Z
_version_	1777413502235836416

Cryptocurrencies and anti-money laundering laws: the need for an integrated approach

Similar Items