Malaysia | Currency Act 2020 in force from 1 October 2020

The Currency Act 2020 (the “Act”) came into force on 1 October 2020*. The Act provides for the management of currency of Malaysia, regulation of currency processing business and currency processing activities and for related matters.

The Currency (Processing Fees for Application of Registration of Currency Processing Business) Regulations 2020 (the “Regulations”) also came into force on 1 October 2020. The Regulations prescribe a RM500 processing fee for an application for registration to carry on currency processing business under paragraph 25(1)(c) of the Act. The Regulations are available here.

*P.U.(B) 476/2020 dated 29 September 2020 is available here.