Can You Buy Crypto in Malaysia?

You’re not the only one who wants to know if it’s legal to buy bitcoin in Malaysia. A lot of people in Malaysia ask the same thing, especially when they hear about friends trading Bitcoin or see Ethereum charts all over social media. Let’s make things obvious in a simple way, with no legalese and no problems. Find out more!

Yes, it is legal to buy and sell crypto in Malaysia.

You can own digital assets like Bitcoin, Ethereum, or any other cryptocurrency. There is no law against it. You won’t get in trouble solely for buying or selling crypto. But there are laws for anything that has to do with money, and those rules are intended to make things safe and fair.

The Securities Commission (SC) and Bank Negara Malaysia (BNM) are in charge of most crypto activities in Malaysia. The SC started regulating digital asset exchanges in 2019. This means that only platforms that register and obey local rules can legally function. SC-approved exchanges include Luno, SINEGY, and Tokenize. It’s really dangerous to use a platform that isn’t registered. It’s true what they say: if it sounds fishy, it probably is.

Don’t expect to be able to use your bitcoin to pay for roti canai or your TNB bill. In Malaysia, cryptocurrencies are not legal money. The ringgit is still the only official currency. You can buy, sell, or hold crypto, but you can’t use it instead of cash for ordinary purchases.

You should also think about taxes. If you just hang on to crypto, you won’t have to pay taxes on it. But if you trade it a lot or on a large scale, you might have to pay taxes on your gains. Keeping solid recordkeeping is the most important thing. If you’re not sure, it’s advisable to talk to a tax expert who knows how crypto fits into Malaysian legislation.

Exchanges may also ask for your IC, proof of address, or even a photo. That is against Malaysia’s Anti-Money Laundering (AML) rules. It may seem a little intrusive, but it’s normal and helps maintain the area safe for everyone.

So, yes, crypto is legal in Malaysia as long as you use registered platforms, follow the rules, and make sure your behavior is clear. You can confidently and safely explore the world of digital assets if you take the necessary steps.