Is it possible to buy Bitcoin and other cryptocurrencies in Malaysia? Yes! Other than Bitcoin, Malaysians can also buy Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH).
In previous years, the Malaysian government and regulators developed frameworks to embrace cryptocurrencies. It finally came into fruition in 2019 after Luno Malaysia received the green signal from the Securities Commission Malaysia (SC) to operate as a Digital Asset Exchange. In 2020, Tokenize Malaysia and Sinegy received approval as well.
Where to Buy?
For investors’ security and safety, buying Bitcoin and other cryptocurrencies from a regulated exchange is recommended. Other than being protected by law, it is also a reliable way to reduce and manage risks.
Therefore, Malaysians have three regulated exchanges as options:
How to buy?
It is surprisingly easy to buy Bitcoin and other cryptocurrencies in Malaysia. You don’t need more than four steps to buy your Bitcoin. For first-timer, you have to:-
- Sign-up with the exchange
- Complete Know-Your-Customer (KYC) process
- Deposit your fund
- Buy Bitcoin
Congratulations on your first crypto purchase!
It is possible to use Bitcoin as savings and asset trading in Malaysia. For your information, some companies accept Bitcoin as a method of payment in Malaysia too.