Bitcoin Forum

Hi there,

I would like to ask if someone here knows  or not Malaysia is open to cryptocurrencies related business?

If someone is actually doing something or if there are some projects or incentives to star up something there...

Thanks for your attention

I think Malaysia is open to cryptocurrency. But it is important to understand that at the moment there is no condition for the active promotion of cryptocurrency in the country. If you are an enthusiast who is ready to be one of the first on this path, then I'm sure that everything should work out.

Yes it's open. But AFAIK, it also isn't rather friendly with regards to cryptocurrency. The central banks in Malaysia is adopting an "each to their own" attitude with regards to it, so it isn't banned, but it isn't also friendly. As they have said, users, themselves should be aware of the risks involved with Crypto.

If you were looking to start a business in Malaysia, then it might not be a good start. The crypto community there would naturally be well informed of what Crypto entails, but those entering it would avidly avoid it because of the words "risk". Especially since the banks have stated their stance quite clearly.

I think Malaysia has never been open to crypto before but now they want to open up the cryptocurrency business and improve their country's economy. It will definitely take time to turn it on If Malaysia launches cryptocurrency, its demand will increase and crypto will reach its peak of growth.

Malaysia is open but the users are not that many compared to other country like Indonesia and Philippines. I am working in malaysia and rarely see some guys who are interested but I noticed there are fond of doing mining cause my co worker said he has friends who are doing cryptocurrency mining.

If you would noticed they dont have own local board here on forum cause the users arent that many to put up. But there are many members here came from Malaysia. I'm not sure whether theymos could put up one for Malaysian users maybe in the future if the community members increased.

The adoption rate of cryptocurrency in Malaysia is still low which is reported by the Malaysian Finance Ministry in the late 2019.But they are still friendly to cryptos and their bank warned about fraudulent activities involved in cryptos to their people.If you want to open any business in Malaysia regarding better hire someone from that country who knows what are the regulatory measures before going up for a start up.

Crypto currencies in Asia are very open, Singapore, Indonesia, Japan, Thailand, Vietnam, South Korea and China strongly support crypto currencies, many crypto projects that were born from Asian countries, but many also ended sadly

Mahathir Mohamad was campaigning heavily for de-dollarization. Malaysia initiated the Kuala Lumpur Summit (December 2019) which was attended by 20 countries and from the four countries present, Malaysia, Iran, Turkey, and Qatar, considering trade cooperation by using gold as a payment instrument, replacing the US dollar.

The results of the Kuala Lumpur Summit also gave rise to the agenda of creating a new regional currency that was intended for transactions between members. This new currency can be either gold or stable coins with gold underlying.

This agenda certainly brings great opportunities for the development of cryptocurrency in Malaysia. The latest news, the Malaysian Securities Commission (SC) has issued regulatory guidelines that require token / Initial Exchange Offerings (IEO) in the country to be attached to the exchange requires every Malaysian regulator.

This certainly opens up many opportunities for start-up businesses on the basis of a growing blockchain and crypto base in Malaysia. There are already a number of programs running like this below.

https://fintechnews.my/18476/blockchain/blockchain-malaysia-projects/

if the rules there are not so strict, I'm just worried about the rampant fraud projects built there,
does Malaysia also have regulations about this? and investor is save?

Well, the country of Malaysia is still trying to explore the area of the cryptocurrency right now. I've heard that they are trying open cryptocurrency that related businesses there just like Singapore. However, we cannot guarantee if they will keep their openness to cryptocurrency in the long run.
Just like the Philippines, --they first opened their doors to the Bitcoin. But later, they revised and established law for the cryptocurrency. So we can tell that they already closed their doors to the cryptocurrency since they made a law for it already. Indeed, the problem is, if a country did not yet explore the cryptocurrency and you started a business on that country, there's a big chance that they would also close their doors to cryptocurrency whenever they find any threat to it.

Running an unregistered exchange or ICO might results into 10 years jail and heavy fines.

https://www.newsbtc.com/2019/01/16/malaysia-to-jail-illegal-ico-and-crypto-exchanges-operators-for-10-years/

So if an exchange or ICO scam people after they got registered they will get punishment.

I would classify Malaysia as "crypto friendly." Read here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#Malaysia

The central bank issued a statement saying BTC isn't recognized as legal tender. Other than that, there are no regulations restricting cryptocurrency-related businesses.

Why so pardon me?

It makes sense, but do you have any contact or website I can check out?

That means the electricity is quite cheap there isn't it?

Thanks for the link I'll chek it out

Seems interesting to follow this news. De-dollarization campaign will make the power of the dollar going to decrease gradually. But not really sure that they will consider crypto as the alternative currency. They may plan for a union of Asian currency, like EURO.

I know that those countries (Malaysia, Iran, Turkey, and Qatar) will consider gold as the main focus because it is proven having stable value since antiquity. They seems realize that only Arabic currency (Dinnar and Dirham) have good values all the time, it is because of with gold or silver underlying. And they want to emulate it.

Coming from their government: Cryptocurrency adoption remains low. (https://cointelegraph.com/news/malaysian-finance-ministry-cryptocurrency-adoption-remains-low), you can also read their regulatory framework about cryptocurrency in that article.


So it's really hard to start up a crypto-related project on Malaysia based on that.

Malaysia is a country that strictly regulates cryptocurrencies, more like the US. If you plan to conduct ICO, you must pass the SC regulation.

https://twitter.com/MOFmalaysia/status/1084728768164319232
Or you will be "disabit" or punished.

Furthermore, many crypto services restrict Malaysia from using their services.

For example OKEX:
https://okexsupport.zendesk.com/hc/en-us/articles/360021813691

However, as long as you comply to their requirement, you will be fine.

It's similar to what you said, I think there is a very small group of bitcoin enthusiasts. It's more that someone is usually really interested in Bitcoin, or someone just doesn't know about it at all, or they simply don't care/don't think it's legitimate.

If your opening a crypto business, I'd worry about the liquidity issue first. From my talks with friends there, it seems that the big couple of banks there aren't very supportive of crypto-currencies, and have shut down a lot of people who trade there, so I'll be concerned about having a stable bank account, that won't get closed down after a week because your dealing with crypto-currencies.

However, good luck - adoption is slowly happening there as well, so there is definitely a market for bitcoin/crypto-related stuff.

Malaysia is not restricted from owning or using cryptocurrencies, they are open and may adapt it but I think they are not that tech users. They don't spend most of their time in front of the computer's screen/monitor or even using a smartphone so they are not updated on the current trends like digital currency.

that's good, nobody regulates Bitcoin in that country to make Bitcoin free and pure decentralized,
but negative things will come if they don't have crypto currency regulations, such as fraud and crypto currency crime.

If that's the case, try to promote cryptocurrency by sharing your thought about it with your friends, family, and co-workers. That will help a lot because maybe people will recognize the true value of cryptocurrency to them and to the country's economy. Government also should try to recognize cryptocurrency so that the people in its society will also have the idea of using it in their daily lives. Everything will start at the bottom, it's not too late for people to adopt cryptocurrency. Malaysia isn't far from Singapore but as you can see, the Singapore has a high technology and most of the people are already using cryptocurrency in many transactions. If that so, it is not impossible for the Malaysia to become a crypto friendly.

Absolutely yes, I have heard lately that Malaysia admitted the cryptocurrencies, and to be honest this is a good step and it will certainly  positively affect on the  country's economy, and facilitate the launching of project related to Blockchain and as I know crypto are  legal but indirectly in most of asian countries expect China.
Furthermore, the main issue is the rejection of the strongest governments, they tried too many  times in order to break  Bitcoin, Of course these attempts negatively affected on the market but temporarily , because  Bitcoin's community is stronger than their failed attempts.

As you can see from other peoples response, it is in a gray area right now, they are not "supporting" it in way or shape but they are also not attacking it like some other countries do neither. So, if you want to open a "business" it will be different than just dealing with crypto, normally if you want to just buy and sell crypto and be a trader things are easier there, it would be easy to withdraw or deposit from exchanges however if you want to build a whole business, and if it ever becomes successful than it means a lot of money via crypto which would be stuck at tax problems.

When taxing is not really in the law and there is no examples to look from, the government agencies don't really know what to do about it, which is why business is harder than being a trader.

For startups p2p model liquidity will be enough,am not sure that banks restricted every crypto-related transaction or only those having issue and fraudulent activities involved? Because they are supporting ICO and exchanges then how they will ban the bank accounts for dealing with cryptos?

maybe depends on the bank too because there are banks accept and rejects crypto but ofc fraud transactions are not going to be exempted  . if banks accept cryptos but the transaction was verfied to be fraud , they will always reject it  .

 there are also countries that allow cryptos like china but they ban mining and some ico's  , maybe the same thing happen to this country because you said they allow some crypto transaction and some does not not    .

These is some logic behind China's ban.

But here ICO and crypto exchanges are allowed under the regulations but liquidating cryptos is restricted this is highly illogical. ::)

Good to know that there are still some country and people who are open minded when it comes to cryptocurrency in which they are opened to adapt it no matter what happens so that they will be able to change their way of mind in order to follow the continues growing of technology all over the world.
I hope they will be able to spent more time on computers and smart phones for them to be more updated on what is happening on cryptocurrency or they will be updated on the trends like what you have been said digital currency.

I recently have researched about it, and malaysia is not open to cryptocurrencies related business because bitcoin and other cryptocurrencies is not recognized as money in Malaysia, but there are still people who buys bitcoin and other cryptocurrency in malaysia which they also have their own way how to buy bitcoin.

First you say that is good they don't have Bitcoin regulation in place and in the next sentence you say that is bad if they don't regulate cryptocurrencies in sense of fraud and crime. So that makes me to conclusion.that you don't understand what cryptocurrency regulations actually mean.
How to treat fraud and other crime is just one aspect of regulation in terms of protection of users. But in order to have that in place you need to have cryptocurrencies regulated in other ways as a part of economy and financial system and society in whole. Regulation is a very complex issue but it's necessary for cryptocurrencies to grow further.

Malaysia has clear regulations and indeed cryptocurrency does not yet have support from the government but if you are a citizen of Malaysia then you can still store bitcoin and can use cryptocurrency transactions for overseas transactions personally so even though in that country you still don't accept cryptocurrency but many in the country outsiders who have received payments using cryptocurrency and you can use it to buy anything you want with payments using cryptocurrency.

Basing on the replies of the majority, Malaysia is not as crypto friendly as compare to its neighbouring nations. So it's better to look for alternative countries like Singapore, and as far as I know, a lot of ICO projects are headquarter or at least have a physical office in Singapore so that says that it is crypto friendly and a safe haven.

So regarding your second question, there will be no incentives, on the contrary you may be facing a lot of difficulties and barriers if you choses to open up crypto related business in Malaysia.

When it comes to the crypto friendly status, according to
- https://www.finder.com/my/global-cryptocurrency-regulations
Malaysia country is still on its improving stage when it comes to the crypto regulations. Their government is still on the proccess to legally adopt and accept bitcoin. Thus, it is not yet fully crypto friendly.

They have released a new crypto regulations in Malaysia for security purposes.  And with regards to the business who accept bitcoin payments, there is actually some restaurants who are doing this. It is the
Nasi Kerabu restaurant (https://vulcanpost.com/628480/small-businesses-payment-bitcoin-malaysia/) from Jijah's stall.

Indeed. Most countries in Asia are not yet crypto friendly that their governments are still not aware about cryptocurrency. Here in the Philippines we have our own crypto wallet that we can use it for paying bills and buying prepaid loads, but our government still does not recognized bitcoin as a legal currency.

I wouldn't boldly say that they are friendly 10)%, but they certainly aren't hostile towards bitcoin so I guess you can say that they are just neutral and on process of developing crypto-regulations better suited for the types of possible applications of cryptocurrencies within their country. Though not fairly known for remarkable tech-industries and/or other things relating to disruptive fintech, Malaysia has always been open for adoption of new things especially if they can see that it will be of benefit to their country.

As for a crypto-related business though, that would be a winding road, but still possible knowing that there had been services that sell airtime to people using bitcoins though I forgot the name of that service based in Malaysia.

I believe Malaysia is crypto friendly, on the other hand it hasn't revealed any statement relative to cryptocurrency activities within the country. This means we can take it in the positive way as well as can think much in the opposite way. Malaysia is listed to be technically advanced country for its cities infrastructure. Upon the same they'll also keep themselves strong over the technology based development which is the need for the present time period growth.

Talking about crypto friendly, the acceptance of cryptocurrency in Malaysia is quite low due to the adoption of blockchain in most part of the country, proposing a new market for the malaysia blockchain sector is actually going to be a good idea once all regulation are meant and I believe this will be another good impact in the global acceptance phase.

well some time ago I think I have seen ICO originating from Malaysia and now the ICO has no further development and can be said as a scam, I'm still not sure that Malaysia can be friends, for finance like that I suggest you should be able to be more be careful no matter what country it is.

Exactly. A lot of people nowadays use crypto on their daily lives, but the governments in their country still don't mind them even there are some issues in crypto that they have been victimized in scam projects. Today, i see more people are now using and buying cryptocurrency because even some people thinks that crypto is a scam, they still believe that crypto will give them a brighter future.

I think, Indonesia is almost the same as Malaysia, still "gray" to Crypto.. as far as I know, it's only Singapore a country that is crypto-friendly.  but for now, bitcoin and the like are categorized as securities under the supervision of the Malaysian Securities Commission. 

Malaysia still can not enter in cryptocurrencies business, on the other things in Malaysia crypto position is not cleared, government still can not decided it's legal or illegal that means gray area. In that situation this not crypto friendly country. If even Malaysia is not a illegal staffs, they can adopt cryptocurrency very soon.

I believe that one can answer this question, hello, for example, the fact that the law on financial markets and payment service providers entered into legal force on January 15 in Malaysia.  As the text of this law says, all cryptocurrencies received the status of securities.  Based on this, all the activities of cryptocurrency users in Malaysia, as well as the entire circulation of cryptocurrencies will be regulated in accordance with the requirements of the Securities Commission.

in fact, for the Southeast Asia region that really can accept well, maybe it's just Singapore or maybe the Philippines, the other is true, the word you are still hesitating about whether to accept or not. but they already know that their citizens are getting used to crypto. maybe the regulation that is going to be applied is still very thick with the fears of misuse.

My country have make bitcoin become friendly with legal and available make bitcoin our comudity and invetsment assets, governmnet have allowed using bitcoin and altcoin as investment assets and could save for long time.

Not entirely , the financial minister just released a statement regarding the cryptocurrencies saying how their adoption rates , both globally and locally remains low .
Bitcoins is still not recognized a legal tender in Malaysia , the central bank is not dealing with it but at the same time people are actively buying and selling Bitcoins these and Making websites and writing about it.
Right now , I cannot say that they are crypto friendly , but I do think the situation is not as bad as other nations where cryptocurrencies are fully banned .

if they allow crypto use then they are a crypto friendly   . being restricted or banned is where its not consider a crypto friendly country    , never hear any major development in realation to crypto on this country not unlike to other asian countries where there are now btc atm , more adoption , more support from the merchants , etc  .  maybe malaysia were only late to accept crypto  thats why they are being left behind  but not too late to catch  up if they are really sincer of thier acceptance with cryptos  .

I think Malaysia has a chance at accepting crypto. Like any other country in Southeast Asia. At the moment, I haven't seen any news about this. But I think that Malaysia could become a country where crypto will be used everywhere (but this will require the approval of the authorities)

Malaysia accepted cryptocurrency. Based on wiki (https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory) and other sources, it is legal in Malaysia. But it may have some restrictions on several sectors. However, I think it is no problem as long as they are open with crypto and don't ban it.

Just googling, mate. There are some articles that tell you about the current progress of crypto in Malaysia. I have some of them as following :
- https://www.asiablockchainreview.com/malaysia-implements-new-regulations-for-cryptocurrency-trading/
- https://blog.remitano.com/cryptocurrency-in-malaysia/

There is really a lot of news that cryptocurrency is recognized at the state level in Malaysia, which is very good news not only for the citizens of this country, but for the entire cryptocurrency society.  Although there are certain nuances that indicate that the government will nevertheless introduce certain restrictions on the use of cryptocurrency in their country, it seems to me that users who live in this country and who use cryptocurrency on a large scale as payment will play an important role  funds and as an investment.

I have not heard about Malaysia and it's government but i do think this would be a crypto friendly just like some other countries. I don't see any problem if crypto would be soon to introduce in Malaysia as long as the government authorities will not ban the use of crypto and would be very willing to open their minds about the latest innovation and how this crypto works not just as a good investment but also as a good currency.

Cryptocurrency today is one of the best transactions today. Malaysia too is one of the fastest-growing countries and it is good to know that they are now accepting the use of crypto but still, they do not have any business today that will use the crypto because they need to have a lot of monitoring plans to make sure there is a secured and faster transaction but today there are only a few people use crypto on this country but does not use for their transaction because they are not fully verified about the whole process. Still, there are people and businessman uses the crypto for making an investment because they see the potential of the bitcoin to make more earning and use to their businesses.

Malaysia is open yet not crypto friendly, perhaps there is a mutual relationship between cryptocurrency and Malaysia, but if Malaysia will be fully accepting cryptocurrency in their country then that I think will be the perfect opportunity for the citizens in Malaysia.

Really!! this is exciting news for me but at the same time its sorrow matter that many projects ending sadly. Malaysia is technology more high at present stage and in future also it will lead to explore crypto.

It is really good for Malaysia. Now a days, we all of us know that the name of corona virus, not olny Malaysia but also all over the world need to use the crypto-currencies (like bitcoin, eth, xrp etc). If we touch any kind of money, it is very risky for creating or being corona-virus.     

I think the people of Malaysia are heading to developed countries, where people think in a modern way, so it is natural that they will recognize cryptocurrency to support performance in various sectors for the smooth and development of their business. I think we will be able to see it soon that more Malaysians will know crypto

In my opinion, the country of Malaysia is in need of foreign aid which has a huge influence on blockchain technology and cryptocurrency. Malaysia will soon be crypto-friendly as the Philippines. Maybe crypto is not very popular with them now because no one has popped it. The time will come for them to have their own exchange app wallet and services recognized by their central bank to have a license to operate.

Not hear anymore which one country will launch bitcoin or won currency in the world and become legal payment currency transaction, when bitcoin still down many people not give positive respond and world is not hear with bitcoin, but waiting when bitcoin on the top price is the best way for accepting bitcoin.

Currently, Malaysia is enjoying its demographic bonus, and most of the productive age in Malaysia has a university degree. No wonder if Malaysia's economic growth is very rapid, it's just that it is still dominated by conventional generation rather than millennial.

For entrepreneurs in the real sector not in the stock exchange, investing in cryptocurrency is not an alternative given the price volatility. In export transactions, several times I offer my buyers to pay in the form of bitcoin, but not the approval that I get but a long lecture and in my opinion that is suggested in the minds of the layman is only the highest and lowest crypto prices.

If the halving momentum cannot push up the price of bitcoin, it will be increasingly difficult for us to open up insights or educate ordinary people about cryptocurrency and maybe it's time we join CBDC's plan to popularize bitcoin to laypeople rather than in the bitcoin community.

But it's not all about the price of bitcoin why anyone is interested in it. Like me, I found bitcoin in 2016 to be much lower than it is today. If Malaysians open their minds and see the value and help of this technology especially in online transactions, they will give them time to focus and study.

By the way, what is the CBDC's plan? what does that mean? can you provide more information?

Yeah that CBDC plan is interesting I would like to know more as well

I don't really know this but it seems that Malaysia is like other Southeast Asian countries, which are opening up to cryptocurrency

In Southeast Asia, Singapore is the most friendly against cryptocurrencies compared to other countries

In my opinion, a great opportunity to open a cryptocurrency business in Malaysia, because Malaysia is open to cryptocurrency.
Malaysia also has a small crypto community, so we have no competition in the cryptocurrency business in Malaysia. But the obstacle
that we have to face in order to successfully open a business in Malaysia is having to make a lot of promotions and education regarding
cryptocurrency. So that enthusiasm for crypto in Malaysia increases.

I think most of Southeast Asia countries like Malaysia have already opened a cryptourrency business in their country because i saw in some news that they have their own big and small crypto community, but currently bitcoin and other cryptocurrency aren't recogni as a legal tender in Malaysia.

Malaysia is not yet a crypto-friendly country. Although there is not much criticism towards crypto, their legal system does not support crypto. so opening a business there will be a huge challenge and even not to be achieved. but you can open a business in Indonesia, one of the most crypto-friendly countries.

To me, as long as Malaysia does not have its own local board in the forum, it cannot be called crypto-friendly. Unlike in the Philippines, many are already using cryptocurrency. Others have taken an interest as they are already using it in business such as paying bills, buying loads, and game credits with the help of a local exchange wallet app and its services. But the time will come when more Malaysians will know more about crypto.