COMMENT | Cryptocurrencies and various virtual assets are transforming the international financial environment by facilitating rapid, decentralised, and borderless transactions.

Even so, these very features also introduce certain vulnerabilities, particularly concerning money laundering, terrorism financing, and proliferation financing.

In response to these challenges, the Financial Action Task Force (FATF) has established global standards aimed at regulating virtual asset service providers (VASPs) and reducing the incidence of financial crime.

Although Malaysia is not a significant centre for...