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Bitcoin exchanges in Malaysia

An Asian financial market with considerable potential,  Malaysia is one of the many countries across the globe that seeks ways to effectively regulate the use of Bitcoin and other virtual currencies. In the region, China has already taken a firm stance against cryptocurencies, while Singapore has undertaken quite liberal approach to them, regulating only the ones that constitute securities.

 

The National Bank of Malaysia (Bank Negara), which sees to the stability of the monetary and financial systems, has yet to make a decision on the legal status of Bitcoin and cryptocurrency exchanges. Although one of the options being considered by the authorities is the possible ban of such currencies, this would be quite difficult, as decentralized crypto-exchange models are in fact beyond the bank’s control.

 

Nonethelsess, Bank Negara could prohibit banks from dealing with digital currencies, and order them to close customer accounts that use such currencies, for example. On the other hand, if Malaysia legalizes Bitcoin and cryptocurrency exchanges, that will provide an alternative financial and remittance system to investors seeking to efficiently move money out of the country.As local authorities have imposed strict capital controls and restricted the outflow of the Malaysian ringgit outside of the country, a legalized crypto market would mean millions of new users and investors.

 

The governor of Bank Negara said to the Malaysian Insight that the authorities are working on guidelines for entities working with cryptocurrencies that will address money laundering and terrorist funding issues and provided no further details. It is expected that the Bank Negara Malaysia will come up with a decision on the matter by the end of 2017. 

 

Some experts have expressed concerns that overly rigid guidelines in that regard might cripple the immense growth in market value of cryptocurrencies, and particularly bitcoin. Either way, those willing to trade in cryptocurrencies may always do that with forex brokers instead. Forex trading in Malaysia is no longer illegal, and there are some brokerages who offer speculative trading in Bitcoin and altcoins, such as  FXTMHYCMIG and XM.

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Bitcoin exchanges in Malaysia

Broker Country Regulation Leverage Deposit Fees Review
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Malaysia None 1:1 Free Review
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