In Today’s world, Every consumer wants a cashless economy through digital currency because they want to do a faster and hassle-free payment system because they don’t like middleman/intermediates(like banks). Bitcoin was the first decentralized cryptocurrency in 2009. Bitcoin adoption and usages are increasing everywhere.
In this article, we have to see how Cryptocurrency plays a major role in Malaysia!
Cryptocurrency is becoming an important aspect of local economics, Malaysia is one of the top destinations for cryptocurrencies and also it is the most progressive and well-established country for Cryptocurrency Development.
Cryptocurrencies are the third-largest asset holding(21%)besides the real estate(44%) and gold(33%) by the Malay community.
Table of the content:
How Bitcoin prices are determined in Malaysia
The price of Bitcoin Price in Malaysia is based on the average of Malaysian cryptocurrency exchanges, The price of Bitcoin is determined by the supply and demand of exchanges in Malaysia, when more people in the “Marketplace” want to buy bitcoin the price of bitcoin will go up, if more people want to sell then the price will drop. So that the price of Bitcoin is slightly different between exchanges and it is different from other countries.
Cryptocurrency Exchange Platforms in Malaysia:
In Malaysia, The Bank of Negara has listed some of the registered crypto exchange platforms that allow crypto holders to buy and sell their digital assets in the country they are
NuMoney: In this platform Identity and proof of residential address verification is required to start trading by using this Numoney the payment method is only through bank transfer, it is one of the most popular Physical stores to buy and sell Cryptocurrencies in Malaysia. NuMoney Supports Ethereum, Bitcoin, Litecoin, Ripple will be used for the exchanges also, they take 0.25% charges for their services
LocalBitcoins: It is a Peer-to-peer Bitcoin trading site that is used buying and selling Bitcoins it also allows users to post their advertisements, LocalBitcoins provide their payment methods through Gift card code and Bank Transfer, It only supports Bitcoin.
Coinmama: this is the most popular place among customers to buy bitcoin because it was used by almost every country with use of credit card or debit card to buy bitcoins this is usually charged between 6-7% for debit and credit card purchases this helps to get your coin instantly and it is an easy way for newcomers to get bitcoins.
Luno: - it helps for transactions such as buying, selling and paying through with Bitcoin wallet, They also operate cryptocurrency exchanges it is one of the most popular exchanges in Malaysia.
XBit Asia: -it was built especially for Malaysia and it was approved by Malaysian Ringgit(MYR) so it can be helpful for trade with bitcoin, and it is one of the Malaysian’s leading trading sites, It charges a 0.8% for a trading fee.
Coinexy: - it is a peer-to-peer exchange platform it also accepts Litecoin and Dogecoin
Coinhako: - it charges 0.9% for both buying and selling, especially using the Malaysian Ringgit(MYR) or Singapore Dollar.
Belfrics: - this platform allows you to trade Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
BXM: - One of the prominent cryptocurrency exchange in Malaysia.
Add Token: - it helps investors can transfer Ripple, DASH and other crypto coins and tokens.
Bitcoin ATMs In Malaysia
Users can buy Bitcoin using cash from an ATM in Malaysia, there are along 9 Bitcoin ATMs in Malaysia with 5 of them in Kuala Lumpur. The Average Bitcoin ATMs in Malaysia charge 5-10% for buying/selling bitcoins. Most of the peoples in Malaysia preferred these Bitcoin ATMs because this system does not require any ID Verification like KYC or other personal information.
Here is the list of ATMs located in Malaysia
Cryptocurrency Regulation in Malaysia:
Bank of Negara Malaysia(BNM) declared that Cryptocurrency is not legal tender in Malaysia, So they advised the public to carefully evaluating the risks associated with dealings in these digital assets. This decentralized cryptocurrency is not regulated by any authority unlike the Malaysian Ringgit(MYR) which is controlled by the government regulated by Bank Negara Malaysia, Bitcoins are not something that anyone can use anonymously. In fact, it is more transparent as compared to paper currencies. So that Malaysian Government will protect this Cryptocurrency as more secure, Securities Commission Malaysia(SC) and Bank Negara Malaysia(BNM) to provide clarity on the regulatory approach for the offering and trading of digital assets in Malaysia, This Securities Commission(SC) will regulate issuance of digital assets, Regulations are currently being put in place to bring digital assets within the remit of security laws for trading and ensure the investors protection. In Malaysia, It is legal to own Bitcoin but at your own risk.
How Bitcoins are used in Malaysia
In Malaysia, there are a lot of companies accepting Bitcoin payments that have increased over the last few years. Some of the hotels and restaurants are started to accepting Bitcoin for payments. It is useful for the online transaction for more secured by using blockchain technology. Microsoft and travel websites also accept bitcoin for payments, Not only this there are a lot of companies accepting Bitcoin payments they are Overstock, BitPlaza, PayPal, Cryptocribs and more…
Investments - Entrepreneurs and Traders are ready to invest their money in Cryptocurrency because it is easy to investment cryptocurrency in Malaysia.
Transactions - In Malaysia, you can use Bitcoins to make purchases for goods and services but one thing you should keep in mind. In Malaysia not every place will accept bitcoin.
Business - It is an easy way to own business in Malaysia by using bitcoins
Transfer - In Malaysia you can use Bitcoins to transfer funds to other countries.
Donation -You can easily donate cryptocurrency by using blockchain technologies,
One thing you should keep in my mind Cryptocurrency is not a legal tender in Malaysia, So it is your own risk to use these Cryptocurrencies.
Now you all are cleared about how cryptocurrency works in Malaysia If you are a start-up or Business entrepreneur looking for the best cryptocurreny development Company to start your Cryptocurrency based Business in Malaysia? You are in the right place
Yes, Developcoins is a leading company for Cryptocurrency development and also have great expertise in providing Crypto coin development services through worldwide including blockchain technologies, It is an India and Malaysia based Cryptocurrency development company with background of developing innovative new crypto coins and blockchain-based apps, the team of developers has the great experience to meet clients specific needs and to develop crypto coins by using blockchain technology with suited algorithms as per the client’s suggestion and preference.
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