How to Buy Cryptocurrency in Malaysia
Buying cryptocurrency in Malaysia
Luno, a cryptocurrency exchange, conducted a survey and its results revealed that Malaysia ranked as one of the countries with the highest interest in crypto like Bitcoin. The survey then showed that 55% of Malaysian participants were familiar with blockchain technology, and that 39% of them admitted to owning or having owned cryptocurrency at some point. The International Monetary Fund declared that Malaysiaís economy was ranked the sixth largest economy in Southeast Asia in 2020. Considering these facts, itís not surprising that the Malaysian government has a very positive stance on cryptocurrencies. Malaysian regulatory authorities deem cryptocurrencies as securities, so they are, therefore, regulated by the Malaysian Securities Commission. Nevertheless, the government went on to clarify that Bitcoin will be treated as a payment method when it is used to buy goods and services. Furthermore, Malaysian officials have announced that the country may get its first cryptocurrency offerings by 2022.
As of 20/03/2021
These exchanges all accept customers from Malaysia. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options