How to buy Bitcoin in Malaysia?
The number of users as well as the trade volumes on crypto exchanges have surged in Malaysia. If you want to invest in crypto currencies make sure to choose a crypto exchange that either follows the regulation of Suruhanjaya Sekuriti Malaysia, the Securities Commission Malaysia. If you choose not to use a Malaysian exchange then make sure that it is one that is regulated.
Below you find a list of exchanges regulated under the Security Commission of Malaysia.
Tokenize Malaysia is the latest digital asset exchange to gain the approval of Suruhanjaya Sekuriti Malaysia. Tokenize lets you trade cryptocurrencies at a very competitive rate, one of the lowest in Malaysia. Buying and selling the digital currency with this exchange is very simple. The platform offered by Tokenize Technologies is very less complicated and simple, boosting the trading experience of a customer, making it enjoyable and intuitive.
Luno is one of the most popular Bitcoin and other cryptocurrency exchanges in Malaysia. One of the biggest advantages of Luni is that it allows the buying and selling of Bitcoin, Ethereum and other currencies with several fiat currencies, which includes MYR (Malaysian Ringgit).
Luno also boasts an extremely low exchange fee when compared to its competition. With a 0%-1% trading fee, which scales on the trading volume, Luno is an ideal digital asset exchange to get your cryptocurrencies.
Regulation in Malaysia
On January 15th, 2019, Malaysia has imposed new regulations regarding cryptocurrencies governing, which have given a hard time for cryptocurrency exchanges and blockchain-based companies in the country.
The imposed regulation has classified cryptocurrencies, tokens and crypto-assets as securities. This means that the cryptocurrency exchanges and companies now come under the jurisdiction of the Malaysian Securities Commission. Any unauthorized cryptocurrency exchanges or initial coin offering (ICO) are found, they could face a 10-year jail sentence and be fined up to $2.4 million.
While the new regulations may seem harsh, the punishments are meant for those not adhering to the regulations and are the worst-case scenario.
The Malaysian government has expressed their interest towards these emerging technologies, even though classifying all cryptocurrencies as securities is a harsh move.
As Malaysia’s Finance Minister Lim Guan Eng delivered the enforcement of the new regulations, a positive attitude has been noticed towards this sector. According to Eng, the government sees the potential of these futuristic technologies to improve various other sectors.
In Early April of 2020, Suruhanjaya Sekuriti Malaysia, the Securities Commission Malaysia (SC), gave full approval to crypto exchange operator, Tokenize Malaysia. Others will follow later this year.
Malaysian laws have put forward requirements for local cryptocurrency exchanges, which states that once they have registered with the SC. The cryptocurrency exchanges may have up to nine months to achieve compliance with SC’s regulation standards.
How To Buy Cryptocurrencies In Malaysia
Generally, there are three ways to get cryptocurrencies. You can either mine it, you can buy it, or earn it by selling various products or services.
The easiest way to buy cryptocurrencies is by buying it from an exchange. Technically, an exchange is not required to buy cryptocurrencies. If you find someone willing to sell you cryptocurrencies directly, you can ask them to send the currency to your wallet. But this means that you should trust this person. This is not recommended at any time as there can be people out there wanting to steal your money.
If you use an exchange you don’t have to know the person who is selling. Most exchanges also provide wallets for you, to make the whole process of buying crypto easier.
Bitpanda is the leading crypto exchange in Europe with more than 1 million users. You can trade more than +30 cryptocurrencies, gold, silver and other metals.