Due to the rapid development of this country as a leading Asian economy, the local crypto market goes through a prospering period as well. As of now, it attracts extraordinary excitement among local traders, despite certain legal confusion. Nevertheless, if you are also interested in this market, we would advise you to explore its operation and legitimacy first.
As a rule, the most frequent questions concern legal issues, so, let us discuss this aspect in the very first place. At the moment, Bitcoin is neither legalized nor regulated in this country. According to the Central Bank of Malaysia, it is not considered an acceptable payment means. Nevertheless, there are no laws or rules that prohibit or limit its utilization. In other words, if you decide to buy or sell it, you will not encounter any form of legal prosecution.
If you still have certain doubts, we offer you to explore the most essential benefits of this asset:
- Minimum inflation risks due to a finite supply and growing demand.
- High liquidity. You can easily sell your coins at any point whenever you need that.
- Excellent prospects. This market is relatively young, so experts believe that, in the near future, it will deliver more and more earning opportunities.
- Easy trading. There is no excessive and unnecessary regulation. Becoming a Bitcoin trader is fuss-free in Malaysia.
In case you are ready to start, follow our instructions on how to buy Bitcoin in Malaysia:
- Register a trading account. Obviously, the first step is to find a safe and user-friendly exchange. You must consider every aspect from regulation to reputation, fees, assets, trading instruments, and security measures. From our experience, we would advise you to turn to either Binance or Coinbase as these two sources offer a decent selection of assets, competitive fees, high liquidity, and advanced security.
- Choose a payment means and make a deposit. The scope of available methods may include bank transfers, credit/debit cards, online payment systems like PayPal, etc. Your goal is to find the most secure and comfortable option. So, do not get scared off by additional safety measures like identity verification. Such procedures require certain time and effort, but they are aimed at protecting your funds after all.
- Submit a buy order. For example, on Binance, you must press the button “Buy Crypto”. You will be asked to choose a fiat currency, sum, payment method, and crypto, which you want to receive. In general, the procedure is absolutely intuitive, like making any other purchases on the Web.
- Decide where to store your coins. You can either leave them in your online wallet on the exchange for further trading or transfer them to an offline wallet for long-term storage.
In sum, in Malaysia, Bitcoin trading is neither prohibited nor prosecuted. Thus, if you are interested in this asset, you can safely invest in it following the guide above.