The Currency Act 2020 to be enforced from 1 October 2020
30 September 2020
The Minister of Finance of Malaysia has appointed 1 October 2020
as the date on which the Currency Act 2020 (‘Currency Act’) will come into operation.1
The Currency Act provides for the management of currency of Malaysia, the regulation of currency processing business, currency processing activities and related matters.2
At the same time, the Minister of Finance has issued the Currency (Processing Fees for Application of Registration of Currency Processing Business) Regulations 20203
which specify that the processing fees of RM500 is payable for an application for registration to carry on currency processing business under paragraph 25(1)(c)of the Currency Act. These regulations will come into operation on 1 October 2020.
A summary of the salient provisions of the Currency Act 2020 is available here