Is Malaysia crypto friendly - page 3.

Findingnemo

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Quote from: shoreno on February 04, 2020, 09:49:19 PM

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. Roll Eyes

shoreno

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Quote from: Findingnemo on February 04, 2020, 10:41:44 AM

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

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Quote from: hello_good_sir on February 03, 2020, 04:48:47 AM

Quote from: Findingnemo on February 02, 2020, 08:52:03 AM

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?

beerlover

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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.

Baoo

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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.

AniviaBtc

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Quote from: cryptoaddictchie on February 02, 2020, 07:46:57 AM

Quote from: digital_mine on January 30, 2020, 09:14:28 AM

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.

monineklutak

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Quote from: Text on February 03, 2020, 04:59:22 AM

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.

Text

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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.

hello_good_sir

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Quote from: Findingnemo on February 02, 2020, 08:52:03 AM

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.

mu_enrico

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Malaysia is a country that strictly regulates cryptocurrencies, more like the US. If you plan to conduct ICO, you must pass the SC regulation.

https://twitter.com/MOFmalaysia/status/1084728768164319232
Or you will be "disabit" or punished.

Furthermore, many crypto services restrict Malaysia from using their services.

For example OKEX:

Quote

Also, we may not make all of the Services available in all markets and jurisdictions, and may restrict or prohibit the use of all or a portion of the Services from Restricted Locations, which at this time include Hong Kong, Cuba, Iran, North Korea, Crimea, Sudan, Malaysia, Syria, U.S.A. [including all U.S.A. territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the US Virgin Islands (St. Croix, St. John and St. Thomas)], Bangladesh, Bolivia, Ecuador, and Kyrgyzstan. The content of the Terms shall not be excluded from the laws of the country or region under which the User belongs. As a result, if You do not meet these eligibility requirements, do not use our Services.

https://okexsupport.zendesk.com/hc/en-us/articles/360021813691

However, as long as you comply to their requirement, you will be fine.

btc_angela

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Coming from their government: Cryptocurrency adoption remains low., you can also read their regulatory framework about cryptocurrency in that article.

Quote

The Order determines that any digital assets offered as a form of investment or used as a method of fundraising are classified as securities in the country.

So it's really hard to start up a crypto-related project on Malaysia based on that.

Rengga Jati

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Quote from: abhiseshakana on February 02, 2020, 11:46:31 AM

Mahathir Mohamad was campaigning heavily for de-dollarization. -snip-

Seems interesting to follow this news. De-dollarization campaign will make the power of the dollar going to decrease gradually. But not really sure that they will consider crypto as the alternative currency. They may plan for a union of Asian currency, like EURO.

Quote from: abhiseshakana on February 02, 2020, 11:46:31 AM

-snip- This new currency can be either gold or stable coins with gold underlying. -snip-

I know that those countries (Malaysia, Iran, Turkey, and Qatar) will consider gold as the main focus because it is proven having stable value since antiquity. They seems realize that only Arabic currency (Dinnar and Dirham) have good values all the time, it is because of with gold or silver underlying. And they want to emulate it.

digital_mine

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Quote from: abhiseshakana on February 02, 2020, 11:46:31 AM

Quote from: digital_mine on January 30, 2020, 09:14:28 AM

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

Mahathir Mohamad was campaigning heavily for de-dollarization. Malaysia initiated the Kuala Lumpur Summit (December 2019) which was attended by 20 countries and from the four countries present, Malaysia, Iran, Turkey, and Qatar, considering trade cooperation by using gold as a payment instrument, replacing the US dollar.

The results of the Kuala Lumpur Summit also gave rise to the agenda of creating a new regional currency that was intended for transactions between members. This new currency can be either gold or stable coins with gold underlying.

This agenda certainly brings great opportunities for the development of cryptocurrency in Malaysia. The latest news, the Malaysian Securities Commission (SC) has issued regulatory guidelines that require token / Initial Exchange Offerings (IEO) in the country to be attached to the exchange requires every Malaysian regulator.

This certainly opens up many opportunities for start-up businesses on the basis of a growing blockchain and crypto base in Malaysia. There are already a number of programs running like this below.

https://fintechnews.my/18476/blockchain/blockchain-malaysia-projects/

Thanks for the link I'll chek it out

digital_mine

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Quote from: cryptoaddictchie on February 02, 2020, 07:46:57 AM

Quote from: digital_mine on January 30, 2020, 09:14:28 AM

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.

That means the electricity is quite cheap there isn't it?

digital_mine

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Quote from: Wexnident on February 02, 2020, 02:30:50 AM

Yes it's open. But AFAIK, it also isn't rather friendly with regards to cryptocurrency. The central banks in Malaysia is adopting an "each to their own" attitude with regards to it, so it isn't banned, but it isn't also friendly. As they have said, users, themselves should be aware of the risks involved with Crypto.

If you were looking to start a business in Malaysia, then it might not be a good start. The crypto community there would naturally be well informed of what Crypto entails, but those entering it would avidly avoid it because of the words "risk". Especially since the banks have stated their stance quite clearly.

It makes sense, but do you have any contact or website I can check out?

digital_mine

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Quote from: frank0ly on February 02, 2020, 02:20:07 AM

I think Malaysia is open to cryptocurrency. But it is important to understand that at the moment there is no condition for the active promotion of cryptocurrency in the country. If you are an enthusiast who is ready to be one of the first on this path, then I'm sure that everything should work out.

Why so pardon me?

exstasie

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Quote from: digital_mine on January 30, 2020, 09:14:28 AM

Hi there,

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

I would classify Malaysia as "crypto friendly." Read here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#Malaysia

The central bank issued a statement saying BTC isn't recognized as legal tender. Other than that, there are no regulations restricting cryptocurrency-related businesses.

Findingnemo

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Quote from: judaspriest on February 02, 2020, 01:03:23 PM

Quote from: Findingnemo on February 02, 2020, 08:52:03 AM

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.

if the rules there are not so strict, I'm just worried about the rampant fraud projects built there,
does Malaysia also have regulations about this? and investor is save?

Running an unregistered exchange or ICO might results into 10 years jail and heavy fines.

https://www.newsbtc.com/2019/01/16/malaysia-to-jail-illegal-ico-and-crypto-exchanges-operators-for-10-years/

So if an exchange or ICO scam people after they got registered they will get punishment.

Ryker1

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Well, the country of Malaysia is still trying to explore the area of the cryptocurrency right now. I've heard that they are trying open cryptocurrency that related businesses there just like Singapore. However, we cannot guarantee if they will keep their openness to cryptocurrency in the long run.
Just like the Philippines, --they first opened their doors to the Bitcoin. But later, they revised and established law for the cryptocurrency. So we can tell that they already closed their doors to the cryptocurrency since they made a law for it already. Indeed, the problem is, if a country did not yet explore the cryptocurrency and you started a business on that country, there's a big chance that they would also close their doors to cryptocurrency whenever they find any threat to it.

judaspriest

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Quote from: Findingnemo on February 02, 2020, 08:52:03 AM

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.

if the rules there are not so strict, I'm just worried about the rampant fraud projects built there,
does Malaysia also have regulations about this? and investor is save?

Topic: Is Malaysia crypto friendly - page 3. (Read 955 times)