Set up a Cryptocurrency Company in Malaysia
Updated on Wednesday 23rd December 2020
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Although cryptocurrency transactions were not recognised until recently on the Malaysian market, this type of activity has increased in popularity. Businessmen who want to open a company in Malaysia in this new industry may operate through several types of virtual currencies, including the one which is the most popular across the world – the bitcoin. Our team of company formation representatives in Malaysia can offer in-depth assistance on the main usages of cryptocurrencies in this country.
Types of crytocurrencies in Malaysia
When starting the procedure of company formation in Malaysia for a cryptocurrency legal entity, the investors may choose from several service providers, who offer transactions in several virtual coins.
Malaysia offers two types of cryptocurrencies (which refer to virtual currencies that use cryptographic techniques), as follows:
• bitcoin – which is the standard type of virtual currency;
• altcoins – the term refers to alternative coins that can have a wide range of applications and they don't include bitcoins.
Cryptocurrency transactions in Malaysia
The cryptocurrency industry is not yet regulated under the Malaysian legislation, but it is an accepted means of performing transactions and more and more investors have already shown their interest in investing in this sector, as an alternative manner of performing business activities, but it is important to know that the procedure of company registration in Malaysia is performed following the regulations provided under the applicable law. Investors can receive advice on the business forms available here from our team of company formation agents in Malaysia.
At the moment, there is a real interest for both types of cryptocurrencies, but the highest ratio is represented by businessmen who purchased bitcoins (52.6%), compared to those who have purchased both bitcoin and alternative coins (47.4%).
The most popular altcoins in Malaysia are:
Investors in Malaysia started performing financial activities using cryptocurrencies for the following reasons:
• speed, affordability and convenience;
Although this business field has not yet been regulated under the Malaysian legislation, companies operating in this industry are required to allow accounting and/or auditing entities to verify the activities of the respective businesses.
Businessmen are invited to contact our team of consultants in company registration in Malaysia for further information referring to cryptocurrency businesses.