How to Buy Crypto and Bitcoin in Malaysia

Malaysia, a diverse and economically thriving Southeast Asian nation, has taken a cautious approach to cryptocurrency. While Bitcoin and other cryptocurrencies are not legal tender and face regulatory scrutiny, they are not outright banned.

Despite the regulatory framework, buying, selling, trading, and mining are permitted, and the government has expressed a desire to promote innovation in the financial sector. Notably, cryptocurrency transactions are currently tax-free in Malaysia.

This means that enthusiasts from Malaysia can register with CEX.IO, a licensed and regulated crypto trading platform facilitating purchases for countless crypto lovers around the world. Therefore, in this guide, we explore how to buy crypto and Bitcoin in Malaysia at CEX.IO. 

A Step-by-Step Guide: How to Buy Crypto in Malaysia

Participants from Malaysia can obtain Bitcoin, as well as other 200+ assets, through various pathways. 

Those familiar with technical and fundamental analysis can trade crypto against other digital and fiat assets through Spot Trading. 

On the other hand, those looking to obtain crypto beyond trading can explore Instant Buy. This functionality allows eligible customers from Malaysia to acquire digital currencies with their preferred payment method. 

However, to participate in CEX.IO services, one must register and verify their account, after which they receive a complimentary crypto wallet, which unlocks the full functionality of CEX.IO. 

Once registered and verified, Malaysia-based enthusiasts can seamlessly buy, sell, trade, and exchange crypto on CEX.IO. As mentioned, the most intuitive way to purchase crypto is through Instant Buy, following the steps outlined below: 

1. Login to your CEX.IO account using your credentials. 
2. Navigate to Instant Buy from the dashboard. Alternatively, you can find this functionality under the Products menu. 
3. Choose the fiat currency you wish to use to purchase crypto. Malaysian customers can choose between USD, EUR, and GBP. 
4. Specify the cryptocurrency you want to obtain from the list of supported assets. 
5. Enter your desired purchase amount or choose from predefined allotments. 
6. Select your preferred payment method and enter the required details. 
7. Follow the on-screen instructions to complete the purchase. 

CEX.IO Mobile App

For on the go experience, participants from Malaysia can download and install our user-friendly  crypto mobile app. This application is compatible with iOS and Android operating systems and can be found in designated mobile stores. Here are the steps to obtain crypto and Bitcoin through the CEX.IO app: 

1. Follow the in-app instructions to launch the app. 
2. Go to the Wallet section and navigate to the Buy function. 
3. From there, you can choose the preferred crypto from the list of vetted assets. 
4. Specify the amount of fiat you intend to spend to acquire cryptocurrency. 
5. Follow the app instructions to complete the transaction. 

Disclaimer: Please note that available payment gateways for cryptocurrency purchases can vary by location due to regulatory differences. We recommend that Malaysian customers research their local methods before proceeding.

How to exchange crypto in Malaysia

In addition to buying and selling, CEX.IO offers Malaysia-based customers multiple pathways to diversify their portfolios, catering to different needs and experience levels. 

Crypto-savvy participants can exchange crypto through Spot Trading by trading one asset for another at the current market price. For example, passionate traders can trade Bitcoin against various fiat and digital currencies, including Ethereum (ETH), XRP (XRP), and Tether (USDT).

On the other hand, those looking to avoid trading complexities can swap crypto through CEDEFI. This functionality caters to beginners and allows seamless swaps with high liquidity and zero gas fees. 

How to create a crypto wallet

As outlined above, creating a crypto wallet is straightforward. Once users register and verify their account, they immediately receive a free crypto wallet with a personal wallet address, courtesy of CEX.IO. 

Participants can access their desktop or mobile web wallets through the Products tab in the upper left corner. From there, eligible customers can perform crypto purchases and withdraw their assets. 

Legal Framework and Regulations in Malaysia

Malaysia has adopted a cautious stance towards cryptocurrencies. While not outright banned, they are explicitly not considered legal tender. The government views digital assets primarily as securities, bringing them under the umbrella of securities regulations. 

This means that cryptocurrency exchanges operating in Malaysia must adhere to stringent anti-money laundering (AML) and counter-terrorism financing (CFT) measures. 

CEX.IO strives to provide a reliable platform for Malaysian crypto enthusiasts by adhering to AML and CFT measures, to align with the robust regulatory framework in Malaysia. As a result, participants from Malaysia can register their accounts on CEX.IO and legally perform crypto purchases. 

FAQs

Is it legal to buy cryptocurrency in Malaysia?

Yes, it is legal to buy digital assets in Malaysia. However, while participants can buy and hold crypto, they cannot be used as a standard form of payment for goods and services. 

Is USDT legal in Malaysia?

Yes, it is legal to buy, sell, store, and trade USDT, as well as other 200+ supported assets on CEX.IO. 

Is Malaysia a crypto friendly country?

Malaysia can be considered crypto-friendly to a certain extent. While the country doesn't recognize cryptocurrencies as legal tender, it has taken a progressive approach by regulating rather than banning them. The government classifies digital assets as securities, bringing them under a regulatory framework, which provides a degree of legitimacy to the crypto industry.

Is crypto taxable in Malaysia?

Currently, cryptocurrency is not taxable in Malaysia. The government doesn't consider it a capital asset, and there's no specific tax regulation for crypto transactions.