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Malaysia Will Not Ban Bitcoin Trading, Confirms Finance Minister

Malaysia Will Not Ban Bitcoin Trading, Confirms Finance Minister

Malaysia Will Not Ban Bitcoin Trading, Confirms Finance Minister Join our community of 10 000 traders on Hacked.com for just $39 per month. Malaysia will not enforce a blanket ban on the trading of cryptocurrencies like bitcoin, the countrys second finance minister revealed. In an interview with The Malaysian Reserve , the countrys second Finance Minister Johari Abdul Ghani has confirmed that the countrys central bank will not impose a ban on cryptocurrencies, emphasizing that such a draconian move would curb innovation and creativity in the financial sector. The official, who said the government is focusing on striking a balance between public interest and integrity of the financial system, added: It is not the intention of the authorities to ban or put a stop on any innovation that is perceived to be beneficial to the public. The remarks will come as a relief to adopters of cryptocurrencies like bitcoin in Malaysia and represents a shift in stance after Bank Negara Malaysia (BNM) governor Muhammad bin Ibrahim refused to rule out a complete ban on cryptocurrencies back in October 2017. Malaysias central bank issued draft regulations for public consultation in mid-December wherein cryptocurrency exchanges will be designated as reporting institutions . While open to cryptocurrencies, Johari said the central bank is taking a cautious approach that will focus on the need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained. Financial innovation brought on by financial technologies like cryptocurrencies will enhance the countrys economic productivity and make financial intermediation more seamless Johari said. Pointedly, the official went on to include digital currencies and e-wallets as a part and parcel of Ma Continue reading >>

Luno Exchange Bank Account Frozen By Malaysian Tax Officials

Luno Exchange Bank Account Frozen By Malaysian Tax Officials

Luno Exchange Bank Account Frozen by Malaysian Tax Officials Over the past few weeks, regulators and financial institutions have been reacting to the worldwide popularity of bitcoin and other cryptocurrencies. In another regulatory-related matter, this week in Kuala Lumpur, Malaysia, the trading platform Luno had its bank account frozen by the countrys tax officials. Also read: Federal Reserve Chair: Fed Doesnt Really Play Any Regulatory Role in Bitcoin Luno Emphasizes the Company is Working Closely With the IRB to Limit the Parameters of the Broad Request This week the exchange and wallet provider Luno (formerly Bitx) announced it is having issues with the Malaysian tax authorities. Created in 2013, the London-based business Luno has been providing bitcoin and ethereum to countries such as Nigeria, South Africa, Malaysia, Indonesia, the UK, and 35 other European regions. Malaysias Inland Revenue Board (IRB) froze the firms Malaysian bank account on January 13, an account that was held under its local business name Bitx Malaysia. Luno explains to the Edge Markets financial publication that the IRB is investigating a case that involves tax discrepancies. As part of this, IRB has requested that we provide them with information on all our Malaysian customers: identification, deposits/withdrawals, and transactions, Luno details. We are working closely with the IRB to limit the parameters of this broad request. Luno Asks Malaysian Customers to Follow Tax Requirements, and the Firm Is Supportive of the Central Banks Regulatory Measures In the meantime, Malaysia based Luno customers can still trade bitcoin and ethereum using the national tender the MYR. All your funds local and digital currencies remain safe with Luno and all other services remain unaffected, the company emph Continue reading >>

Nine Nabbed For Bitcoin Mining Computer Equipment Theft

Nine Nabbed For Bitcoin Mining Computer Equipment Theft

Nine nabbed for bitcoin mining computer equipment theft The stolen bitcoin mining machines and power supply unit recovered by police after they were sold online by the suspects. Picture by Kenneth Tee SERDANG, Feb 27 Police have arrested nine suspects for their involvement in several bitcoin mining computer equipment theftsamounting to at least RM1 million since last month. Serdang police chief Assistant Commissioner Megat Mohamad Aminuddin Megat Alias said police received a total of five reports from January 17 until February 16 in the district concerning the computer equipment thefts. Of the five reports, a total of 153 mining machines and power supply units (PSU) were reported stolen by the victims. A police taskforce was then established to address the thefts led by the districts Criminal Investigations Department chief following the reports, he said. Megat Mohamad Aminuddin said police managed to recover 57 computer equipment used for bitcoin mining worth at least RM500,000, of which 28 of them were PSUs. He said the nine suspects in their 20s and 40s were detained in six simultaneous raids throughout Selangor, Klang Valley and Kuching, Sarawak following police tip-offs beginning Friday. Initial investigation revealed all the suspects confessed to selling and buying stolen bitcoin mining computer equipment online locally on social media and online marketplaces, with each set costing between RM16,000 to RM20,000. Police is also tracking down one more suspect believed to be the main accomplice and have several leads including positive fingerprint samples obtained from the crime scene. We urged those who bought such equipments online to get in touch with the police because investigation is ongoing, he said. On January 25, over 40 units of the Antminer S9 bitcoin mini Continue reading >>

Malaysia: Nine Arrested Over Bitcoin Miner Theft

Malaysia: Nine Arrested Over Bitcoin Miner Theft

Malaysia: Nine Arrested Over Bitcoin Miner Theft A criminal gang have been arrested in connection with the theft of cryptocurrency mining equipment in Malaysia. The group of nine are thought to have stolen at least 58 machines. Criminals Tried to Sell Equipment via Social Media The theft occurred in the town ofSeri Kembangan, formerly Serdang New Village. Arrests were made at around 10pm local time on February 23. The OCPD Assistant Commissioner Megat Mohammad Aminudin Megat Alias told domestic news source The Star of the groups attempts to sell the equipment online: We were acting on information obtained when the suspects attempted to sell the equipment via a website and Facebook We managed to recover 58 machines worth more than RM500,000 (US$127,000). Those arrested are also suspected of involvement in other similar cases. These include the theft of an additional Bitcoin mining rig in Seri Kembangan on February 16. The Assistant Commissioner addressed the other recent incidents: We received four other similar reports in three areas in Serdang. We managed to solve two cases with the arrests of the suspects. As for the remaining cases, we have credible leads and the investigations are still ongoing. Meanwhile, despite rumours to the contrary and such criminal incidences, Malaysia seems to be taking a liberal view towards the cryptocurrency space in general. Rather than ban digital currency outright as many feared, regulators will instead attempt to strike a balance between public interest and integrity of the financial system, Datuk Seri Johari Abdul Ghani, the nations Deputy Finance Minister, stated in early January. He continued: there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained. Such r Continue reading >>

Bitcoin Malaysia And Blockchain Tech Information

Bitcoin Malaysia And Blockchain Tech Information

PSA: We are not associated to Yayasan Fintech Sedunia (IFF) 25 March 2018 It has come to our attention thatYayasan Fintech Sedunia (IFF) is misusing our photos and reputation. This is a public notice and we declare truthfully that we are not associated toYayasan Fintech Sedunia (IFF) in any way. If you have evidence of misrepresentation, please email us at [emailprotected] How You Can Be Involved in the Blockchain Industry in Malaysia (Access Blockchain Association Malaysia) If you are reading this, chances are you are a fan of cryptocurrencies. You might be an investor, a miner, a developer, or a combination of these. Cryptocurrencies are built on the blockchain technology. Secure, trustless, decentralised public ledgers are recording various cryptocurrencies transactions as we speak. The Bitcoin Network, for example, has been running for 9 years without any major disruptions. While blockchains first use-case is currency, it can be applied in so many other ways. Any type of data can be stored and time-stamped in the blockchain. Many industries want to take advantage of the blockchain revolution for obvious reasons: to increase efficiency, introduce automation, reduce paperwork and wo/manpower, and more. Interested in blockchain technology and want to harness it for your company, or already using it and want your voice as a blockchain practitioner or advocate heard? This is where you come in. ACCESS Blockchain Association is now open for members registration. We invite: Companies interested to implement blockchain Continue reading >>

How To Buy Cryptocurrency Like Bitcoin In Malaysia

How To Buy Cryptocurrency Like Bitcoin In Malaysia

Now is one of the best times to own Bitcoinbut only if you bought it last year. That doesnt mean youre out of the cryptocurrency gold rush, fortunately. Everything between Dogecoin, Ethereum and NEM are all still an opportunity for users to hedge their bets, though options for Malaysians to buy can be limited. Just keep in mind how volatile these cryptocurrencies usually aremore volatile than Bitcoin even, which relies on its founding ideology to drive more stability. With enough smarts and research, you might also still benefit from buying Bitcoin even today. Fun Fact: Bitcoin was born out of the financial crisis of 2008, which drove demand for currency that is not controlled by a central authority. It aims to fix the problem by capping the maximum number of Bitcoins that can ever be in circulation and the rate new Bitcoins can be produced. So if youre an extreme beginner who is curious about how to own your very own chunk of cryptocurrency, heres where to get them. Before you make any serious purchases, read up about cryptocurrency wallets and how to secure them . Try to stick to officially endorsed wallets, and be careful of malware pretending to be wallets. As a fair warning, weve received reports of Bitcoin owners in Malaysia whose wallets were suspended from transferring into Malaysian bank accounts, lasting approximately a month. Do bear this in mind before you commit your money to any wallets. We think a good rule of thumb is to only buy cryptocurrency with money you can afford to lose. The list below is curated based on platforms that have a substantial presence in Malaysia, either through good reputation, or those who are run by Malaysians, as far as we can find. Luno allows you to trade Ringgit with cryptocurrency directly. This Singaporean app is probably t Continue reading >>

Need Help With Bitcoin?

Need Help With Bitcoin?

What is Bitcoin and how to participate in MMM using bitcoins? It's more profitable, faster, and safer to provide help using bitcoins rather than traditional currencies. Watch the video about Bitcoin's key advantages and find out why it's beneficial to use it while participating in MMM. If you transfer money ( provide help ) via the Bitcoin (not a bank), you will receive a 3% bonus of the transferred amount. Bitcoin Bonus is not frozen. It is available for withdrawal as soon as the recipient confirms the receipt of funds. Bitcoin is an international electronic currency. This is a new form of money created on the basis of the program code. Bitcoin is not owned by any state, companies or individuals. Due to this, Bitcoin has become the world's first decentralized means of payment. Money transfers are made on the peer-to-peer principle without intermediaries between the sender and the recipient. No one can block a Bitcoin wallet. Bitcoin does not depend on central banks, local and international laws, religion and other things. Banks and the government do not control your bitcoins they are only available to you. The wallet is created anonymously. Cryptocurrency cannot be faked, and payments cannot be cancelled. 2. Cheap transactions anywhere in the world Transfer fees do not depend on the amount or location. They make up less than US$1 (regardless of the amount). You can transfer money to anyone from anywhere in the world. Unlike bank transactions, bitcoin transactions may be carried out on a 24/7 basis. You can decide independently when to transfer money. Bank transfers take 35 working days on average. The speed of transfers via Bitcoin is a few seconds, or, when you are dealing with large amounts of money, 1060 minutes. National currencies depreciate annually by 120 % (so Continue reading >>

New Cryptocurrency Exchange To Be Launched Next Month

New Cryptocurrency Exchange To Be Launched Next Month

New cryptocurrency exchange to be launched next month Two-year run: Fakhrul says Pinkexc has been in the digital currency exchange business since 2016. KUALA LUMPUR: A homegrown cryptocurrency exchanger is launching a revamped version of its trading venue, targeting strong market appetite for the alternative asset class, amid increased regulatory scrutiny on the sector. Ipoh-based Pinkexc Sdn Bhd founder and chief executive officer Fakhrul-Razi Abu Bakar said the new platfom is scheduled to go live in February, six months after he took it offline to facilitate a major upgrade of its system. We have expanded our system capabilities and we are confident that the platform will be at par with the best out there, he told StarBiz. Pinkexc is seeking to fill the gap in the market after popular exchanger Luno said on Jan 12 that it was unable to processs deposits and withdrawals in Malaysia following a move by the Inland Revenue Board (IRB) to freeze its bank accounts. The IRB was reported to have said that while the cryptocurrency business was an unregulated industry in Malaysia, it was subject to Malaysian income tax. A conservative estimate put the average monthly trading turnover of bitcoin and other digital currencies in Malaysia at around RM75mil. At least one exchanger, according to a StarBizWeek report, had handled a trading volume of some RM500mil from Malaysian trades last year alone. There are four crypto exchangers operating in Malaysia, including London-based Luno and Pinkexc. To compare, there are more than 10 exchangers operating in neighbouring Singapore. Fakhrul said Pinkexc is the only Malaysian-owned exchanger in the country and has been in the digital currency exchange business since 2016. The new Pinkexc trading venue, he said, will feature six cryptocurre Continue reading >>

Malaysian Authorities Raid Illegal Bitcoin Mining Operations

Malaysian Authorities Raid Illegal Bitcoin Mining Operations

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates: In one of Malaysias first such raids, the Subang Jaya Municipal Council (MPSJ) moved against two residences in the Puchong Jaya municipality that had been housing bitcoin mining operations. Per the council, the operations were illegal because they had failed to acquire relevant business permits. A catch-all net of other reasons for the raid were provided by local officials, too, ranging from the site being a fire hazard, to excess electricity consumption. The illegal bitcoin mining operations also created a nuisance for locals. Neighbors encountered power fluctuations due to the mining activity and complained about the allegedly loud and disorderly conduct of the sites tenants. Additionally, Malaysian financial authorities have already declared that cryptocurrencies are not a legal payment method. To this end, The Central Bank of Malaysia is in the process of drafting clear policies with regard to crypto exchanges. The new policies will class digital currency exchanges as reporting bodies under Anti-Money Laundering and Anti-Terrorism regulations. MSPJ councilor Frankie Yap indicated the renters had broken council regulations by turning a residential property into a business facility. One of the Puchong residences in question. Herein, then, lies a larger theme that will come into play in the coming years: state and government authorities cannot move against decentralized cryptocurrencies themselves, but they can play hardball with traditional regulations in order to make participating in the crypto ecosystem practically impossible. In this sense, authorities may not be able to wrest your 24 word recovery seed from your mind, but they can definitely shutter your mining Continue reading >>

Malaysian Minister: No Bitcoin Trading Ban Planned

Malaysian Minister: No Bitcoin Trading Ban Planned

Malaysian Minister: No Bitcoin Trading Ban Planned Jan 2, 2018 at 14:50 UTC|UpdatedJan 2, 2018 at 14:58 UTC Malaysia's second finance minister has said the government will not ban the trading of bitcoin and other cryptocurrencies, though it will remain cautious on the technology. In an interview with The Malaysian Reserve ,Johari Abdul Ghanis emphasised the importance of "striking a balance between public interest and integrity of the financial system," adding that to ban cryptocurrencies wouldharm fintech innovation. "It is not the intention of the authorities to ban or put a stop on any innovation that is perceived to be beneficial to the public." However, Johari added that Bank Negara Malaysia (BNM), the country's central bank, will in future ensure cryptocurrency exchanges conduct customer due diligence and report suspicious transactions. As with any investment schemes, Johari said, "there is a need to have proper regulation and supervision to ensure any risk associated with such schemes are effectively contained." BNM published its draft guidelines to cover cryptocurrency exchanges in December, as reported by CoinDesk. The minister further discussed the importance of fintech innovationfor Malaysia, saying it would boost economic productivity, as well as "make financial intermediation more seamless."Digital currencies and e-wallets should beincluded in Malaysia's digitalisation roadmap, he added. On a concluding note,Johari argued that it was important for authorities to have a sound understanding of cryptocurrencies before bringing in new policies and regulations. "This is particularly relevant to recent innovation like bitcoin, which remains unregulated globally and not battle-tested against shocks, unlike more conventional mediums of exchange," he told the Reser Continue reading >>

Atm Bitcoin Pertama Di Malaysia

Atm Bitcoin Pertama Di Malaysia

PETALING JAYA: Mesin juruwang automatik (ATM) Bitcoin yang pertama di Malaysia muncul di Ipoh, Perak. China Press melaporkan 2 pemuda yang mengasaskan Pinkexc Sdn Bhd, mengimport mesin itu lebih setahun lalu dari Portugal dengan kos RM70,000. Sejak ATM itu beroperasi, ia mendapat sambutan daripada pelabur Bitcoin dengan purata 50 orang menggunakan mesin itu bagi menjual dan membeli mata wang digital itu setiap hari. Setiap pelabur biasanya mengeluarkan wang tunai RM200 hingga RM300 dengan purata urus niaga bulanan mencecah RM80,000 manakala urus niaga lebih RM500 pula perlu dibuat atas talian. Pengasas bersama Pinkexc, Fitry Daud dipetik China Press berkata, beliau mendapat idea mengimport ATM Bitcoin ketika melancong ke Jepun dan Korea di mana penggunaan mesin itu satu kebiasaan di negara berkenaan. Katanya, mereka kemudiannya mengimport dan meletakkan mesin pertama itu di Medan Meru Bestari, Ipoh. Beliau berkata, syarikatnya memperoleh keuntungan daripada jual beli Bitcoin seperti perniagaan tukaran wang asing. Katanya, ATM Bitcoin bukannya mesin pengeluaran wang, sebaliknya ia mesin jualan yang boleh jual beli mata wang digital itu. Demi mempopularkan penggunaan ATM Bitcoin di negara ini, Pinkexc giat mengemukakan permohonan kepada Bank Negara Malaysia (BNM) untuk ditempatkan di seluruh negara. Tetapi, BNM belum membenarkan kerana Bitcoin berada dalam senarai kelabu BNM, iaitu bukan urus niaga sah atau haram, katanya sambil menambah BNM perlu membenarkan urus niaga itu kerana sekarang zaman mata wang digital. Fitry berkata, Pinkexc sedang meningkatkan perisian ATM itu supaya mata wang digital lain seperti Ethereum, Bch, Lite dan Dash boleh menggunakan mesin itu untuk menjalankan urus niaga. November lalu, BNM dalam satu kenyataan berkata, tiada sebarang rancangan me Continue reading >>

Is Bitcoin Legal In Malaysia? What You Must Know

Is Bitcoin Legal In Malaysia? What You Must Know

Is Bitcoin Legal In Malaysia? What You Must Know Updated on January 2018. One of the biggest Malaysian Bitcoin exchanges Luno has been under scrutiny by the inland revenue board (IRB) of Malaysia. Their bank account has been shut down or locked for weeks since December 2017. In an article published by The Star (dated 19 Jan) with the title: IRB Cryptocurrency not regulated but traders still subject to Malaysian income tax law. In the article, it was stated that cryptocurrencies in Malaysia are largely unregulated, and they are currently doing standard procedural checks on Luno to make sure they comply with tax laws. Luno has advised traders in Malaysia to uphold standard tax regulatory practices in their trading. It seems that cryptocurrency trading in Malaysia is still a grey area, and that there has to be ongoing checks by the relevant departments to ensure nothing fishy is going on. > Read the full article by The Star here. ** Is Bitcoin legal in Malaysia? That seems to be the question on everyones mind. While we are not legal consultants on such matters, weve been following closely the news headlines of the recent months in order to determine is Bitcoin legal in Malaysia. Heres an excerpt from Wikipedia on the legality of bitcoin by country: BNM (Bank Negara Malaysia) issued a statement on 6 January 2014 that Bitcoin is not recognised as a legal tender inMalaysia. The central bank will not regulate Bitcoin operations at the moment and users should aware of the risks associated with Bitcoin usage. On 4 October 2017, BNM announced that The decision on whether cryptocurrencies should be banned in Malaysia will be taken by them before the end of the year. Thus, in order to determine is Bitcoin legal in Malaysia, we will have to wait for the official announcement at the Continue reading >>

Is Bitcoin Legal In Malaysia?

Is Bitcoin Legal In Malaysia?

Bitcoin seems to be all the craze these days. Its making financial headlines almost everyday. The news is usually about the price of Bitcoin hitting new highs, but there are also news about hacks where a lot of Bitcoin was stolen . Bitcoin is a cryptocurrency, which is basically a digital currency - just like the Ringgit, except it only exists on a computer. You can find the finer details here if youre interested. We wont go into a discussion about the features of Bitcoin, so well leave it at that a lot of people like the advantages Bitcoin offers over conventional currency like the Ringgit. Bitcoin has gained so much traction that some of our local shops have started accepting it, such as this Kelantanese nasi kerabu stall , and these noodle stalls in Puchong, Selangor . You might not have even questioned whether Bitcoin is legal in Malaysia, until some other countries started banning it . Our own Bank Negara was also deciding on how to treat Bitcoin in October 2017 (well get to their actual decision later). But in the first place, is Bitcoin legal or not? Bitcoin is not recognized as money in Malaysia One of the key features of Bitcoin is that its not issued by the Central Bank of any country. The thing is, this feature is exactly what makes Bitcoin not recognized as money in Malaysia (or not legal tender as the law puts it). Just like these ancient coins. Image from ngccoin In Malaysia, whats recognized as currency is controlled by the Central Bank of Malaysia Act 2009 (CBM 2009), and Part III of the Central Bank of Malaysia Act 1958 (CBM 1958). Under Section 20 of the CBM 1958, only Bank Negara has the right to issue currency in Malaysia - any currencies issued by other people are illegal. Section 20 of the Central Bank of Malaysia Act 1958 The Bank shall have the Continue reading >>

How To Buy Bitcoin In Malaysia | Finder

How To Buy Bitcoin In Malaysia | Finder

You keep hearing about it, but what exactly is bitcoin and how do you buy it? Read on for finders definitive guide. There are two main ways to buy bitcoin in Malaysia. Use a bitcoin broker. This is probably the easiest way to buy bitcoin. If you just want to get it done quickly and easily, and have no plans to become a cryptocurrency trader, then this might be the way to go. The downside is that convenience comes at a cost, and you pay a bit more for the brokerage services. Buy from an exchange. Cryptocurrencies like bitcoin are traded on exchanges. If you want to buy bitcoin as cost-effectively as possible, or plan on doing more trading in future, then choosing a reliable exchange might be what you want to do. Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed. Quick-start guide: How to buy bitcoin as fast as possible Want to do it as fast as possible? You might be able to go from zero to bitcoin in less than an hour. Get a wallet . This can be done as easily as downloading it to your computer or phone. Use a no-verification-required bitcoin service, such as Loca Continue reading >>

Malaysia Central Bank To Let Public Decide Cryptos Fate

Malaysia Central Bank To Let Public Decide Cryptos Fate

Malaysia Central Bank to Let Public Decide Cryptos Fate Malaysias central bank, Bank Negara, is set to release a concept paper, calling for the public to decide the fate of cryptocurrencies in the country, according to a recent report. Bank Negara governor Muhammad Ibrahim is said to have assured the bank will neither ban nor recognize cryptocurrency, and that the paper will be finalized in February. Also read: Internet Pioneer Who Influenced Assange & Snowden Dead at 70 At the 40th anniversary dinner of Harvard Business School Alumni Club of Malaysia, Bank Negara governor Muhammad Ibrahim said, Basically, we will let the cryptocurrency promoters including bitcoin, ethereum and ripple to be more transparent, the methods to be more transparent and people behind the scene are to be more transparent too. By doing so, the public can decide on its own if they want to invest in cryptocurrencies. Malaysia in recent years has been an economic tiger, its economy growing faster than more powerful regional cousins South Korea, and even outpacing France and Australia. Its government is unusually paternalistic with regard to the economy, however, though less so as it has developed. Politically it occupies an odd space in Southeast Asia as a federal constitutional elective monarchy. Something akin to the Westminster system, the king is chosen in rotation by hereditary families, and he acts as ceremonial head of state, appointing upper parliament house members and ministers. Mr. Ibrahims comments follow Finance Minister II Johari Abdul Ghani who explained the country wouldnt ban cryptocurrency completely so as to avoid curbing creativity and innovation in [the] financial sector, according to a report . This is at least the second time the government has reverted to public opinion wit Continue reading >>

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