Bitcoin is the largest decentralized digital currency in the world, facilitating borderless transactions. Users adopt various ways to buy it based on their countries’ crypto policies.
In this guide, we will discuss how to buy Bitcoin while in Malaysia. Moreover, you will learn the legal status of crypto in this country. Stay tuned!
Is Crypto Legal in Malaysia?
Yes! Although the Malaysian government doesn’t recognize cryptocurrencies as legal tender, it does not restrict citizens from buying them. All crypto platforms that allow Malaysian people to purchase Bitcoin must follow strict regulations, including Know Your Customer and Anti-Money Laundering policies, to reduce the risks of scams and theft.
It is worth mentioning that the Malaysian government classifies Bitcoin as a security. That means all Bitcoin transactions do not attract capital gains taxes. However, crypto traders who regularly generate profits from trading Bitcoin are required to pay income tax.
How to Buy Bitcoin in Malaysia Safely
Several ways to purchase Bitcoin in Malaysia exist. But before buying the coin, you must have a cryptocurrency wallet to store your BTC. The types of wallets you can consider include:
Exchange Wallets
These are suitable for beginners. They are offered by crypto exchanges for users to maintain their digital tokens. While exchange wallets are easy to use, they carry several risks. For example, you may not access your Bitcoin if the crypto exchange files for bankruptcy protection.
Mobile Wallets
These wallets come as mobile applications, which can be downloaded from popular platforms like Play Store and App Store. Although a bit complicated, mobile wallets are safer than exchange wallets, considering they are non-custodial, meaning users enjoy total control over their Bitcoin.
However, since they’re connected to the internet, it is easy for cybercriminals to attack them.
Hardware Wallets
If you want to store your Bitcoin in an offline environment, then hardware wallets should be your top choice. They minimize the risks of cyberattacks.
Recommended Crypto Exchanges to Buy Bitcoin in Malaysia
For safety purposes, buying Bitcoin only from regulated crypto exchanges is vital. Also, ensure that the platform you settle for supports your preferred payment method.
Here are the recommended Exchanges in Malaysia:
Binance
Binance was among the many crypto exchanges banned from operating in Malaysia a few years ago. However, the platform started serving Malaysians again in early 2022. Since then, Binance has become a go-to exchange for many people in Malaysia due to its deep liquidity, which allows Bitcoin trades to be completed quickly.
Further, Binance supports common payment methods, making it easy for Malaysia to convert their fiat to Bitcoin.
Luno
Luno was the first exchange to secure a license in Malaysia. Launched in 2013, the crypto exchange is equipped with advanced trading tools to offer Malaysians a seamless trading experience. Luno is ideal for starters as it gives access to a comprehensive learning platform.
Are There Bitcoin ATMs in Malaysia?
Yes! Several gas stations and supermarkets in Malaysia host Bitcoin ATMs to allow people to buy or sell BTC. While these ATMs offer a convenient way to enter and exit the crypto space, they come at an extra cost: Buying Bitcoin from an ATM costs more than other payment methods.
How to Purchase Bitcoin in Malaysia via P2P Trading
It is possible to buy Bitcoin directly from another person in Malaysia. Several crypto platforms facilitate peer-to-peer (P2P) trading. Two of the most popular ones include Reminato and Paxful.
Here are the steps to follow to buy Bitcoin on a P2P Platform:
1. Register and verify a trading account.
2. Select Bitcoin as the coin you want to purchase and create a buy offer.
3. Send money to the seller through the supported payment method.
4. Alert the seller once the transfer is complete.
5. Receive the purchased Bitcoin in your account.
Besides P2P platforms, you can buy Bitcoin in Malaysia by meeting in person with the seller, but this is considerably risky.
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