Malaysia is a country in Southeast Asia with a population of nearly 32 million people. It is bordered by Thailand to the north, Indonesia to the south, and Brunei to the east. The capital city is Kuala Lumpur and its official language is Malay. Malaysia has become an increasingly popular destination for cryptocurrency investors due to its relatively low taxes on digital assets and its pro-business regulatory environment.
In terms of cryptocurrencies, Malaysia’s central bank, Bank Negara Malaysia (BNM), defines them as “digital representations of value that are not issued or guaranteed by any central bank or monetary authority but accepted by natural or legal persons as a medium of exchange.” BNM also issues guidance on how businesses should treat cryptocurrency transactions for tax purposes. In addition, several exchanges have opened up shop in Malaysian territories allowing citizens easier access to buying Bitcoin (BTC) and other digital currencies using local fiat currency. These include Luno, Sinegy Technologies Sdn Bhd, Tokenize Xchange Malaysia Sdn Bhd., among others.
At present there are no specific regulations governing ICOs in Malaysia; however this situation may change over time as more countries around the world introduce rules about token sales and crowd funding activities related to blockchain technology startups. Cryptocurrency regulation remains mostly unregulated at this point though it appears that authorities are paying closer attention towards regulating virtual assets since late 2017 when they introduced anti-money laundering legislation aimed at curbing money laundering activities through digital payments systems including those involving cryptocurrencies such as Ethereum (ETH). Furthermore BNM has warned against risks associated with investing into initial coin offerings (ICOs). Therefore all investors should exercise caution when considering participating in ICOs originating from within Malaysian borders or beyond them!
