Is Malaysia crypto friendly

[Text]

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.

[monineklutak]

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.

[AniviaBtc]

Hi there,

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

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.

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.

[Baoo]

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.

[beerlover]

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.

[Findingnemo]

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.

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.

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?

[shoreno]

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    .

[Findingnemo]

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.

[White Christmas]

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.

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.

[Blackdeath]

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 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.

[bitbunnny]

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.

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.

[pikkie]

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 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.

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.

[Jating]

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

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.

[maxreish]

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 from Jijah's stall.

[Blackdeath]

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 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.

[dothebeats]

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.

[romero121]

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.

[Moshaid]

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.

[Google+]

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.

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.

[Wintersoldier]

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 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.

In so many places people are facing this issue that people appreciate and people use crypto on a daily bases but the government has no concern with it. I have seen so many countries who are not crypto-friendly but they have accessed crypto usage for multi-purpose. Yet now day crypto is having such amazing importance's that not even fiat has around the world.

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.