Bitcoin Exchanges can’t work in Malaysia

News today: Genneva (gold trading company, launched by former Prime Minister Mahathir) Malaysia director charged with accepting deposits without a license.

So if you’re thinking of a Bitcoin exchange in Malaysia, think again. Bank Negara Malaysia obviously doesn’t think much of Bitcoin. How will you accept deposits without a license? 

Singapore on the other hand proves itself to be in the forefront of finance: treat Bitcoin like a product. Read the full IRAS statement. Singapore is about to get its first Bitcoin ATM soon.

For further reading, see the BAFIA 1989, in its entirety. Once again, laws that prevent innovation.