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The rapid growth and developments in the cryptocurrency and Blockchain technology space indicate that the industry is still in the early days. Malaysia has made sure that it had open opportunities for cryptocurrencies in future days.
Ting said, that the malaysian government take steps to regulate cryptocurrency with many results in more industry users of the technology in the growing market. Besides that, The Malaysian government together with the Malaysia Digital Economy Corp is currently trying to work with Singapore when it comes to initiatives involving cryptocurrency. The government also thinks that the Distributed Ledger Technology must be adopted by Malaysians because of the outdated financial system that we are currently using.
Licenses to Operate a Cryptocurrency Exchange
The security commission of Malaysia have issued licenses to operate a cryptocurrency exchange
The Public Decides Future of Bitcoin in Malaysia
The head of Malaysia Central bank has categorically stated that the fate of virtual currencies in the country depends on the public adoption, as the apex bank also added that it would neither ban nor recognize virtual currency.
The governor of Bank Negara government, Muhammad Ibrahim, while giving a speech at the 40th- anniversary dinner of the Harvard Business School Alumni Club of Malaysia this month highlighted some salient point about the future of virtual currencies like Bitcoin in the Malaysian economy.
Ibrahim was quoted saying;
We’ll let the cryptocurrency promoters including Bitcoin, Ethereum and Ripple to be more transparent, the methods to be more transparent and people behind the scene are to be more transparent too.
The governor of the apex bank in the country didn’t leave any stone untouched as he stressed that the authority wouldn’t recognize cryptocurrency as fiat currency and also balancing the information that there is no such thing as banning cryptocurrency in the country.
Bitcoin, as well as other cryptocurrencies, have gone through several phases in Malaysia.
After all of this, the crypto community in Malaysia should only be optimistic for an enabling environment.
The State of Bitcoin in Malaysia
A recent survey by cryptocurrency exchange Luno revealed that Malaysia is one of the countries with the highest interest in cryptocurrencies such as Bitcoin. Luno’s survey found out that 55% of the respondents in Malaysia were familiar with Blockchain technology, while 39% of the respondents admitted to having owned cryptocurrency.
That’s not very surprising as the Malaysian government has a positive outlook toward cryptocurrencies, even though the country recently rolled out regulations for the same. Let’s take a closer look at the stance taken by Malaysian regulators with respect to cryptocurrency adoption and the state of Bitcoin in the country.
Cryptocurrency Regulations in Malaysia:
The Malaysian government believes that the move to regulate cryptocurrencies in the country will boost adoption of the likes of Bitcoin. That’s because exchanges will have to show proof of having proper security measures in place so that they can make a positive contribution to the country’s digital economy.
“The Ministry of Finance views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries. In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and an alternate asset class for investors.”
So, it is evident that Malaysia is looking to boost the adoption of cryptocurrencies like Bitcoin.
Top Popular Crypto Exchanges In Malaysia
The top popular crypto exchange in Malaysia who has popular in buy and sell cryptocurrencies. The top popular crypto exchange in which are going high volume of cryptocurrency exchange and trading.
1. Luno is a Bitcoin exchange with a presence in South Africa, Singapore, Nigeria, Malaysia and Indonesia.
2. It offers 0% fees for market makers, meaning you can avoid fees if you place a buy order then wait for a seller to take it.
3. Luno also offers an Instant Buy feature.
1. One of the most trusted Bitcoin exchanges in Asia
2. Free deposits and low withdrawal fees
3. Low fees; 0% for market makers and only 0% - 1% for market takers (depending on fiat currency)
4. High to infinite limits for exchange, depending on verification level
1. Coinmama allows customers in almost every country to buy bitcoin with a credit or debit card. They charge a ~6% fee on each purchase.
2. Customers in Europe can also purchase bitcoins with SEPA transfer for a lower fee.
1. Works in almost all countries
2. Highest limits for buying bitcoins with a credit card
3. Reliable and trusted broker
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.
1. Can be private, fast and easy
2. In-person trades require no personal information
3. Purchases of bitcoin can be made quickly via cash deposit
Bitcoin Exchange Malaysia is a Bitcoin exchange based in Malaysia. It offers a fast and easy service, although its buying and selling rates aren't great.
1. The only Bitcoin exchange based in Malaysia
2. Very simple interface
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. That convenience and privacy, however, comes with a price; most ATMs have fees of 5-10%.
1. Our map makes it super easy to find a Bitcoin ATM near you
Mycelium Local Trader helps you find local Bitcoin sellers. Once you locate a seller, you meet up in-person and conduct the trade. Mycelium charges absolutely no fees. While Mycelium Local Trader works great in highly-populated areas, users in low population areas will have trouble finding sellers.
1. Easy and cheap way to buy bitcoins with cash
2. Private way to buy bitcoins, no personal information required beyond cellphone number
Changelly lets you buy bitcoin with Litecoin, Dogecoin, altcoins and many other digital tokens. Changelly works in nearly every country but you will need another cryptocurrency in order to purchase bitcoins. Exchanges happen almost instantly because Changelly never actually controls your tokens but just exchanges them.
1. Easiest and fastest way to buy bitcoins with altcoins
2. Fees are reasonable for larger traders
Best Cryptocurrency Exchange Development Company in Malaysia
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