How to buy Bitcoin in Malaysia?

Is Bitcoin legal in Malaysia? This is one of the most popular question in Malaysia. Bank Negara issued a statement mentioning that bitcoin is not recognized as a legal tender in Malaysia on 6 Jan 2014. In April 2019, the MAS referred it as a digital payment token for purposes of the Payment Services Act. It is unregulated in Malaysia.

We can buy Bitcoin in Malaysia through “Luno”, the first Malaysia’s regulated cyptocurrency exchange platform. It is fully licensed by Security Commission to operate in Malaysia.

Currently the platform is having over 6 millions customers and have processed over 17 billion USD worth of coins.  At the moment, there are only 4 crypto currencies available in the platform, i.e. Bitcoin, Ethereum, XRP and Litecoin.

One can buy coins using local currency, MYR and sell the coin easily through the platform. Luno charges a small percentage of fee on selling and buying the coins if the transacted amount is small.

To open the account in Luno is easy but it requires several verification steps to prove identify. You can register a free Luno account via this link and receive RM25 worth of Bitcoin when you first buy min RM250 worth of coin.

Disclaimer: this is not a recommendation to buy / sell bitcoin. Do your own due diligence before starting. The writer has no liability on the loss incurred due to action taken for investing in Bitcoin.

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