Open a bitcoin account in Malaysia
In a press release released on June 4, 2019, the Securities Commission of Malaysia (SC) named “the country’s first cryptocurrency exchange”
・ Luno Malaysia
・ Sinegy Technologies
・ Tokenize Technology
Announced that three companies have been registered.
Two companies other than Luno do not accept personal accounts as of July 2019, making Luno the only cryptocurrency exchange approved by the Malaysian government where individuals can open accounts.
A new statement issued by the Securities Commission of Malaysia (SC) on July 4, 2019, stated that “All other cryptocurrency exchanges not authorized to operate cryptocurrency exchanges All related activities must be stopped immediately and all money and assets recovered from investors must be returned. “
Prior to this, COINHAKO, which had set up a cryptocurrency exchange in Malaysia, notified on June 28 that it was officially closed.
The bank account on the cryptocurrency exchange in Malaysia was frozen and could not be traded in effect, but with this official announcement, only Luno has begun accepting bank deposits.
LUNO (former name BitX)
Many local banks are supported, and CREDIT CARD is also supported.
There is also a mobile app.
The sale fee is 1% for the taker fee, but 0% for the maker fee, so it is free for limit order.
After opening an account using the following link or referral code, then you make a sell or purchase transaction of BTC 0.1 or more, you can get BTC equivalent to MYR 25.00.
Referral code: R9D5S
Other cryptocurrency related information in Malaysia
If you want to use already acquired bitcoin in Malaysia, you can send it to your TENX card and you use it by the card.
Singapore’s TENX Card began issuing cards for Malaysian residents in March 2019.
TENX’s VISA card is a debit card that allows you to use the balance of Bitcoin, Ethereum and Litecoin in your TENX account at all stores where VISA is available.
You can also withdraw cash from ATMs in each country. (Withdrawal fee US3.25)
TENX cards are characterized by two types of cashback: TENX token holder cashback and cashback according to the amount of TENX card used.
You can order a TENX card by downloading an application to your mobile phone, creating an account, and depositing the required amount of bitcoin into the account.
Account authentication is required.
With the issuance of TENX cards, cryptocurrencies can now be used not only in Malaysia but also at Visa card dealers worldwide.
Also, the good thing about TENX cards is that the balance of the card can be displayed in any country’s currency. For example, if you use bitcoin with a ringgit, the amount of bitcoin paid will be deducted at the current BTC / RM rate.
On the other hand, when the price of Bitcoin drops, a lot of Bitcoin will be deducted.
If you can hedge by charging the ringgit debit card by TENX card when the Bitcoin price rises in order to avoid the situation, but unfortunately TENX card restricts to top up for another debit cards.
So if you want to exchange your cryptocurrency to local currency and deposit it into your bank account and use a locally issued credit card, you need to open an account on a Malaysian exchange and link it with a Malaysian bank account.
BELFRICS
BELFRICS has offices in Singapore, Dubai, Kenya, Hong Kong, China, Indonesia and India. Transaction fees are slightly higher at 0.5%.
Current trading currencies are Bitcoin, Ethereum, Litecoin and Ripple.
Malaysia residents are encouraged to register in Singapore.
You can register a Malaysian bank account even if you registered it in Singapore.
I have a USD account at MAYBANK, so I registered for a USD account.
KYC registration requires customer support verification which took more than a week.
So the verification takes much longer than BINANCE and BITTREX to being verified, those exchanges being verified in about one day despite many new customer registrations.
Documents required when opening an account
ID is required to open an account on the exchange.
ID will be your passport.
Malaysian driver’s license has an address
but it’s not accepted as ID because there is no birthday on it.
You will need to prove your address, but it will be OK with a phone company invoice or bank statement.
BELFRICS also accepts driver’s license as address proof.
Click here to open other overseas cryptocurrency exchanges➡Overseas exchange
