The Liability of Cryptocurrency Exchanger under Indonesian and Malaysian Anti-money Laundering and Terrorism Financing Act

Franciska Mifanyira, Sophia C. B. Kusumawardhani

2018

Abstract

Globalization and digitization require faster and more efficient payment method to enhance business operation. A new type of digital asset and payment called cryptocurrency was introduced in 2009 along with its ledger called blockchain. Some states acknowledge cryptocurrency as an alternative currency by allowing its usage through the stipulation of rules and regulation; while the others stated the other way around. This research employs a normative legal research based on statutory, conceptual, and comparative approach. By comparing Indonesian and Malaysian law, this paper concludes that both states recognized cryptocurrency as an asset or property. Hence, its usage as currency is deemed as ilegitimate. However, in regard to the liability of cryptocurrency exchanger, both states have different measures. While Indonesia incorporate the liability under general act, Malaysia has already specified or directly address cryptocurrency in their Anti-Money Laundering and Terrorism Financing Act.

Paper Citation

in Harvard Style

Mifanyira F. and Kusumawardhani S. (2018). The Liability of Cryptocurrency Exchanger under Indonesian and Malaysian Anti-money Laundering and Terrorism Financing Act.In Proceedings of the International Law Conference - Volume 1: i-NLAC, ISBN 978-989-758-482-4, pages 345-350. DOI: 10.5220/0010049103450350

in Bibtex Style

@conference{i-nlac18,
author={Franciska Mifanyira and Sophia C. B. Kusumawardhani},
title={The Liability of Cryptocurrency Exchanger under Indonesian and Malaysian Anti-money Laundering and Terrorism Financing Act},
booktitle={Proceedings of the International Law Conference - Volume 1: i-NLAC,},
year={2018},
pages={345-350},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0010049103450350},
isbn={978-989-758-482-4},
}

in EndNote Style

TY - CONF

JO - Proceedings of the International Law Conference - Volume 1: i-NLAC,
TI - The Liability of Cryptocurrency Exchanger under Indonesian and Malaysian Anti-money Laundering and Terrorism Financing Act
SN - 978-989-758-482-4
AU - Mifanyira F.
AU - Kusumawardhani S.
PY - 2018
SP - 345
EP - 350
DO - 10.5220/0010049103450350