20 October 2020

The Currency Act 2020 (“Currency Act”) came into operation on 1 October 2020. The Currency Act provides for the management of Malaysian currency, the regulation of currency processing business, and currency processing activities. The Currency (Processing Fees for Application of Registration of Currency Processing Business) Regulations 2020 have also been issued and specify that a processing fee of RM500 is payable when applying to register to carry on a currency processing business under the Currency Act.