Security Commission of Malaysia
(SC) announced that crypto ATMs were illegal within the country’s territory since the one who wants to install such ATM should first get a special license.
No permit, no crypto ATMs
The commission clearly means that such ATM facilitates crypto withdrawals and inputs via selling and buying digital assets, and in Malaysia they are equivalent to DAX (digital exchanges) that should get a compulsory license.
Due to these reasons and the fact that none of companies have valid license, Security Commission warns that these devices have no effective protective systems, and no one can safeguard users’ funds.
Apart from the warning, companies that have installed crypto ATMs, got another warning: an order to cease operating, and those who will continue operating will get severe punishment — a fee amounting to 10 million RM, or over €2 million, and a prison sentence up to 10 years.
