Bring the biz to brunei or sg, most welcomed here...
Malaysia central bank states Forex is illegal
- #24
- Jan 6, 2010 8:46pm Jan 6, 2010 8:46pm
- Joined Oct 2007 | Status: Former institutional dogsbody | 1,253 Posts
The short answer is "Yes".
Hiya bro ,
Thanks for your all your explanation and what you're essentially saying is that
provided that the monies / ringgit is converted properly before being wired outside Malaysia , trading forex with an offshore brokerage is all legal and good . All thanks to the ECM9 "loophole" ?
Did i understand correctly ?
I'm not trying to convince anyone. I'm not in the "convincing" business.
- #28
- Jan 8, 2010 6:42am Jan 8, 2010 6:42am
- Joined Nov 2007 | Status: Trader | 19,782 Posts
Hi my malaysian brothers,
I believe to the tune of 30 b RM
regards
mana reserves ada 30 Bis single digit la, sorry. error of finger, not of mind.
regards
- #29
- Jan 8, 2010 7:10am Jan 8, 2010 7:10am
- Joined Sep 2005 | Status: Trader | 1,352 Posts
Lets fight by burning out account
http://news.yahoo.com/s/ap/20100108/...ysia_allah_ban
Dear Msian Fx traders, BNM statement recently can't be taken to consideration at all. Thy can't be holding on pre-independance Exchange Control Act(1953) whc was started by British to stop immigrants from sending hard cash back to homelands.
We ve taken some bold steps. We gave interview to Star & NST pointing out the legal & illegal parts in online offshore currency trading. Our 1st article is coming out tomorrow in Star.
I believe its time for those doing genuine forex trading to fight for our survival.
Ashan.
Could you be more specific regarding publish dates ? Or better still , point us to an online version ...
when you buy/sell EURUSD you are buying FX Premium Instrument .
EURUSD or USDJPY or GBPUSD is not a currency it is instrument.
EUR or GBP or JPY is currency since it has physical existance.
But EURUSD is not a currency since it has no physical existance .... it is Exhange rate.
Forex broker offers Exchange rate instrument not Currency.
The Onus of the all these cases, lies upon BNM to PROVE that we are really involved in Forex or e-money. And this is under their current investigative schdedules. If you deal in e-money, this fall out of the scope of EA1953 and
MCA1998.
And you dont even need a forex license from BNM.And I believe that its a long way to before legal proceedings can be initiated.
We all should remain Calm. NO cause for alarm.
After all EA1953 and MCA1998 are there for us to abide to. We just need
our Phd in Law "mind" to digest it.
Hope everybody here can read the two Acts properly before doing some haressments statements in this forum....remember,this an international forum.
what do you think Asri?
Yes true indeed, Mr Ramdas,
The Onus of the all these cases, lies upon BNM to PROVE that we are really involved in Forex or e-money. And this is under their current investigative schdedules. If you deal in e-money, this fall out of the scope of EA1953 and
MCA1998.
Ahhhh yes . I'm with Bro imranyusof in this one . As long as ...
1. Conversion of the RM into other currencies is done properly ( ie : with the list of banks that BNM put up on their website )
Then it should be ok . Refer too to the ECM9 .
This is without going into the "instrument" argument yet . As mentioned before , BNM wants to track aggregately the outflow of RM offshore , so by complying with this regulation , BNM should be satisfied ... for now .
As for myself being the protem chairman of PPMM , i decline .
It would serve our interest better for someone with some "community visibility" to handle that posts . I'm just an ordinary trader trying to make a living ... Keep those feedback posted peeps . Every one of them makes us stronger ..
Hiya Bro ,
Ahhhh...
where Investment Currency Assets Overseas by a residents can be up to
rm50million per year.
I'm with you on this basis, but the alternatives should be not neglected too.
Its a double options.
Thinking about it, our government rules are not bad at all. Its a matter of interpretations of the ACTS.
