Converting Crypto to Cash in Malaysia: Everything You Need to Know

Are you a crypto investor in Malaysia? Do you want to know how to convert your digital assets into cash? This article covers everything you need to know about converting crypto to cash in Malaysia.


Converting Crypto to Cash in Malaysia: A Step-by-Step Guide

Why is Cryptocurrency Gaining Popularity in Malaysia?

Over the past few years, cryptocurrency has been turning heads in Malaysia, thanks to a combination of factors. These include the increasing awareness of blockchain technology, a thriving start-up ecosystem, and a tech-savvy population. As digital assets like Bitcoin, Ethereum, and Litecoin continue to gain acceptance, Malaysians are discovering the many benefits of using cryptocurrencies for various purposes, such as investment, trading, remittances, and even online shopping. The convenience, security, and potential for financial inclusion offered by these digital currencies make them an appealing alternative to traditional banking and payment systems.

Is Cryptocurrency Legal in Malaysia?

The Malaysian government and its regulatory bodies have been actively working to establish a legal framework for the use and exchange of cryptocurrencies. In January 2019, the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) introduced regulations governing digital asset exchanges and initial coin offerings (ICOs).

Under these regulations, cryptocurrency exchanges must be registered with the SC, and they are required to comply with strict Know-Your-Customer (KYC) and Anti-Money Laundering (AML) policies. Moreover, digital tokens or coins issued via ICOs must be approved by the SC before being offered to the public.

It’s important to note that while these regulations provide clarity to the cryptocurrency landscape in Malaysia, cryptocurrencies are still not considered legal tender. This means that businesses are not obligated to accept them as payment, and their use remains largely at the discretion of the parties involved in a transaction.

Why Convert Crypto to Cash in Malaysia?

Although cryptocurrencies are becoming more accepted in Malaysia, users still need to convert their digital assets into local currency, the Malaysian Ringgit (MYR). Here’s why:

  1. Limited acceptance: As previously mentioned, cryptocurrencies are not widely accepted as a form of payment in Malaysia. Converting crypto to cash enables users to take advantage of their digital assets in a more practical way by spending the money on everyday goods and services.
  2. Profit realization: Many Malaysians invest in cryptocurrencies with the hope of capital gains. Converting crypto to cash allows them to lock in profits and minimize the risks associated with the volatile nature of digital assets.
  3. Remittances: Cryptocurrencies are increasingly being used for cross-border transactions due to their low fees and fast transaction times. For Malaysian expats or those with family members living abroad, converting crypto to cash offers an efficient way to send and receive money.
  4. Regulatory compliance: With the introduction of cryptocurrency regulations in Malaysia, users may need to convert their digital assets into cash to comply with tax requirements or other legal obligations.

Now that we understand the importance of converting crypto to cash for Malaysian users let’s delve into the various platforms and methods available for converting cryptocurrencies into MYR, as well as the key factors to consider ensuring a safe and secure transaction.

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Malaysian Crypto Exchanges: Your Gateway to Converting Crypto to Cash

Discover the Top Malaysian Crypto Exchanges for Turning Your Digital Coins into Cold, Hard Cash

Wondering how to convert your beloved cryptocurrency into cash in Malaysia? Fear not! We’ve got you covered with a list of some of the most reliable and reputable exchanges that can help you make that transition:

  1. Luno: A popular choice in Malaysia and beyond, Luno lets you buy, sell, and store the ever-popular Bitcoin and Ethereum. With its user-friendly interface, even crypto newbies will feel like seasoned pros in no time.
  2. SINEGY: This homegrown Malaysian exchange supports a variety of cryptocurrencies, including Bitcoin, Ethereum, and Ripple. Its simple and easy-to-use interface is perfect for both beginners and crypto connoisseurs alike.
  3. Tokenize Xchange: Another Malaysian-based platform, Tokenize allows users to trade various cryptocurrencies like Bitcoin, Ethereum, and Litecoin. Its secure and user-friendly platform makes it an ideal option for those looking to convert their digital assets into cash.

Picking the Perfect Cryptocurrency Exchange for Your Needs: A Step-by-Step Guide

When it comes to choosing the right cryptocurrency exchange, there’s no one-size-fits-all solution. Here are some factors to consider to help you find the perfect match:

  • Supported cryptocurrencies: Double-check that the exchange supports the coins you want to trade. Some exchanges focus on specific coins, while others offer a wider selection. Variety is the spice of life, after all.
  • Fees and charges: Exchanges have different fee structures, which may include deposit fees, withdrawal fees, and trading fees. Shop around to find the most wallet-friendly option for your needs.
  • User interface: A user-friendly interface is essential, especially for beginners still learning the crypto ropes. Look for an exchange with an intuitive platform that makes it easy to navigate and execute trades.
  • Security: The safety of your digital treasures is crucial. Opt for platforms with strong security measures, such as two-factor authentication and cold storage for funds.
  • Customer support: Good customer support can make or break your trading experience. Choose an exchange known for excellent customer service, so you can rest easy knowing help is just a click or call away.

Breaking Down the Fees and Charges for Converting Crypto to Cash: What to Expect

Converting cryptocurrency to cash isn’t always a fee-free affair. Here are some common fees you may encounter during the process:

  • Deposit fees: Some exchanges charge a fee for depositing your cryptocurrency. This fee could be a flat rate or a percentage of the deposited amount.
  • Trading fees: When trading your cryptocurrency for Malaysian Ringgit (MYR) or another fiat currency, exchanges typically charge a trading fee. This fee is often a percentage of the trade value and can vary between platforms.
  • Withdrawal fees: After turning your cryptocurrency into cash, you’ll likely need to withdraw the funds. Withdrawal fees can be either a flat rate or a percentage of the withdrawn amount.
  • Network fees: Transferring cryptocurrencies between wallets or exchanges can incur network fees. These fees are required to process transactions on the blockchain and can vary depending on the cryptocurrency and network congestion.

To save money when converting your crypto to cash, be sure to research and compare different exchanges. Some platforms offer lower fees for higher trading volumes or discounts for using their native tokens. By understanding the various fees and charges, you can make informed decisions and choose the most cost-effective method for turning your cryptocurrency into cash in Malaysia. Happy trading!


Step-by-Step Guide to Converting Crypto to Cash in Malaysia

Creating an account on a Malaysian cryptocurrency exchange

Ready to cash out your hard-earned crypto? The first step to converting your cryptocurrency to cash in Malaysia is to create an account on a reputable Malaysian cryptocurrency exchange. Some popular exchanges you might want to consider include Luno, SINEGY, and Tokenize. Here’s how to get started:

  1. Visit the exchange’s website and look for the “Sign Up” or “Register” button. Click it and let the magic happen.
  2. Provide the required information, such as your name, email address, and a strong password. Remember, your password should be like a horcrux – well-guarded and hard to break.
  3. Verify your email address by clicking on the confirmation link sent to your inbox. No spam, promise!
  4. Complete the Know Your Customer (KYC) process, which usually involves uploading a scanned copy of your identification card or passport and a selfie with your ID. Smile for the camera!
  5. Set up two-factor authentication (2FA) for added security. This can usually be done by linking your mobile number or using an authenticator app. Better safe than sorry, right?

Transferring your cryptocurrency to the exchange

Once you have successfully created an account and completed the verification process, you can now transfer your cryptocurrency to the exchange. Follow these simple steps to get it done:

  1. Log in to your account on the cryptocurrency exchange. Easy peasy!
  2. Navigate to the “Wallet” or “Deposit” section of the exchange.
  3. Select the cryptocurrency you want to deposit (e.g., Bitcoin, Ethereum, or Litecoin).
  4. Copy the deposit address provided by the exchange or scan the QR code with your mobile wallet. Technology, am I right?
  5. Send the desired amount of cryptocurrency from your external wallet to the deposit address provided by the exchange. Double-check the address before confirming the transaction – better safe than out-of-pocket!
  6. Wait for the required number of confirmations before your deposit is credited to your exchange account. Grab a coffee while you wait – it can take anywhere from a few minutes to a few hours, depending on the cryptocurrency and network congestion.

Trading your cryptocurrency for Malaysian Ringgit (MYR)

Your cryptocurrency is now safely in your exchange account! Time to trade it for Malaysian Ringgit (MYR). Just follow these steps:

  1. Navigate to the “Trade” or “Exchange” section of the cryptocurrency exchange.
  2. Select the trading pair that corresponds to your deposited cryptocurrency and Malaysian Ringgit (e.g., BTC/MYR, ETH/MYR, or LTC/MYR).
  3. Choose the type of order you want to place, such as a market order (which executes immediately at the best available price) or a limit order (which executes only at a specific price or better).
  4. Enter the amount of cryptocurrency you want to sell and the desired price (if placing a limit order).
  5. Review your order details and confirm the transaction. No take-backs!
  6. Wait for your order to be executed, which may happen instantly or may take some time, depending on market conditions and the type of order placed. Patience is a virtue, my friend.

Withdrawing your cash from the cryptocurrency exchange

Congratulations! You’ve successfully traded your cryptocurrency for Malaysian Ringgit (MYR). Now it’s time to withdraw your cash from the cryptocurrency exchange. Follow these steps to get your hands on that sweet, sweet cash:

  1. Navigate to the “Withdraw” or “Cash Out” section of the cryptocurrency exchange.
  2. Select the “MYR” option and enter the amount you wish to withdraw.
  3. Provide your Malaysian bank account details, including your bank name, account number, and account holder’s name. Ensure that the account holder’s name matches the name on your cryptocurrency exchange account.
  4. Review the withdrawal details and confirm the transaction. So close!
  5. Wait for the exchange to process your withdrawal, which may take anywhere from a few hours to a few business days, depending on the exchange’s policies and procedures. Almost there!

By following these steps, you can successfully convert your cryptocurrency to cash in Malaysia. Make sure to familiarize yourself with the exchange’s fees and withdrawal limits, as these may vary from one platform to another. Happy cashing out!


Alternative Methods of Converting Crypto to Cash in Malaysia

1. Using Peer-to-Peer (P2P) Platforms for Crypto to Cash Conversion

Aside from the good ol’ cryptocurrency exchanges, peer-to-peer (P2P) platforms have been making waves in Malaysia as a popular alternative for converting crypto to cash. P2P platforms like LocalBitcoins, Remitano, and Paxful act as a matchmaker between buyers and sellers, allowing them to set their own terms for the transaction.

To get started, simply create an account and verify your identity. Once you’re in, you can either post an ad to sell your crypto or search for an existing one from a potential buyer. When both parties agree, the buyer’s funds are held in escrow by the platform until the seller confirms receipt of payment. This ensures a safe and reliable transaction.

One great thing about P2P platforms is their support for multiple payment methods, including bank transfers, e-wallets, and even cash deposits. However, be sure to exercise caution and do your homework on your trading partner to avoid any potential scams.

2. Cashing Out at Cryptocurrency ATMs in Malaysia

Another option for converting crypto to cash in Malaysia is through cryptocurrency ATMs. These babies work pretty much like regular ATMs, allowing users to withdraw cash in exchange for their crypto holdings. You can find several cryptocurrency ATMs in Malaysia, mainly in big cities like Kuala Lumpur and Penang.

To use one, simply locate an ATM that supports your desired cryptocurrency and follow the on-screen instructions. Most ATMs require you to scan your wallet’s QR code and specify the withdrawal amount. The machine will then display the exchange rate and fees. Once you confirm the transaction, the cash will be dispensed, and your crypto will be deducted from your wallet.

While cryptocurrency ATMs offer a fast and convenient way to convert crypto to cash, they usually charge higher fees compared to online exchanges. Plus, their availability is limited to certain areas, which may not be ideal for everyone.

3. Selling Crypto Directly to a Trusted Buyer

Selling your cryptocurrency directly to a trusted buyer can be another alternative method to convert crypto to cash in Malaysia. This involves finding a reliable person or organization interested in purchasing your crypto at an agreed-upon price. Sometimes, you might already know someone interested in buying, like a friend or family member. If not, you can connect with potential buyers through online forums, social media groups, or local cryptocurrency meetups.

When selling directly to a trusted buyer, it’s essential to agree on the terms of the transaction, including the payment method and any applicable fees. You might also want to use an escrow service to ensure a secure transaction. This method can save you from exchange and P2P platform fees and potentially help you negotiate a better price for your crypto.

However, this option demands a high level of trust between the buyer and seller, as there’s always a risk of fraud or non-payment. To reduce this risk, thoroughly research your potential buyer and consider using an escrow service to protect both parties.

In summary, while cryptocurrency exchanges are still the go-to method for converting crypto to cash in Malaysia, alternative options like P2P platforms, cryptocurrency ATMs, and direct sales to trusted buyers can be viable solutions too. Each method has its pros and cons, so make sure to weigh them carefully before deciding which one works best for you. And remember, always stay vigilant and do your research to avoid potential scams!


Staying Safe and Secure While Converting Crypto to Cash in Malaysia

Ensuring the security of your cryptocurrency holdings

Securing your digital assets is a top priority when dealing with cryptocurrencies. Before converting your crypto to cash in Malaysia, take these essential steps to safeguard your holdings:

  1. Use a hardware wallet: A hardware wallet is a physical device that stores your private keys offline, providing an added layer of security by minimizing the risk of your keys being compromised. Popular hardware wallets include Ledger, Trezor, and KeepKey.
  2. Enable two-factor authentication (2FA): Adding 2FA to your online accounts (email, cryptocurrency exchanges) offers extra protection, ensuring that even if your password is compromised, attackers still need access to your 2FA device (usually your smartphone) to gain access.
  3. Regularly update your software: Keep your devices and wallet software up to date with the latest security patches, reducing the risk of hacker-exploited vulnerabilities.
  4. Be cautious with public Wi-Fi: Steer clear of public Wi-Fi networks when accessing your cryptocurrency accounts, as these networks can be insecure and exploited by hackers.

Verifying the legitimacy of cryptocurrency exchanges and buyers

It’s vital to verify the legitimacy of cryptocurrency exchanges and buyers before making transactions. Follow these steps to ensure you’re dealing with legitimate platforms and buyers:

  1. Research the exchange: Do your homework to ensure the cryptocurrency exchange is reputable and secure. Look for user reviews, a social media presence, and credible articles about the exchange.
  2. Check for proper licensing and registration: Confirm the exchange is registered with relevant Malaysian authorities, such as the Securities Commission (SC), ensuring the exchange operates under the appropriate regulatory framework.
  3. Assess the exchange’s security measures: Review the security measures implemented by the exchange, including 2FA, SSL encryption, and cold storage of user funds. Reputable exchanges prioritize user asset protection.
  4. Verify the buyer’s reputation: When selling crypto directly to a buyer, verify their reputation. Use platforms like LocalBitcoins or Paxful with built-in reputation systems, or consider a trusted escrow service to minimize fraud risk.

Understanding the tax implications of converting crypto to cash in Malaysia

Converting your crypto to cash in Malaysia can have tax implications. Stay informed about relevant tax regulations and your obligations as a cryptocurrency holder:

  1. Cryptocurrency tax regulations in Malaysia: Currently, the Malaysian government does not impose specific taxes on capital gains from cryptocurrency sales. However, this may change as the government develops its digital asset regulatory framework.
  2. Income tax implications: If you generate income from trading cryptocurrencies, you may be subject to income tax. Consult a tax professional or the Inland Revenue Board of Malaysia (IRBM) to determine if your crypto trading activities are taxable income.
  3. Record-keeping: Regardless of the current tax situation, maintain accurate records of your cryptocurrency transactions. This will help you provide necessary information to tax authorities if needed in the future.

By adhering to these guidelines, you’ll ensure a secure and compliant process when converting your crypto to cash in Malaysia. Always prioritize the security of your holdings, verify the legitimacy of exchanges and buyers, and stay informed about tax implications. Remember, knowledge is power, and in the crypto world, it’s also the key to keeping your assets safe!

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Frequently Asked Questions

Is cryptocurrency legal in Malaysia?

Yes, cryptocurrency is legal in Malaysia. However, the government has implemented regulations and guidelines for the trading and usage of cryptocurrencies to prevent illegal activities and ensure the security of users.

Why is it important to convert crypto to cash in Malaysia?

Converting crypto to cash is essential for Malaysian users who wish to use their cryptocurrency holdings for everyday transactions or to exchange them for Malaysian Ringgit (MYR) for easier use in the local economy.

What are the top Malaysian cryptocurrency exchanges for converting crypto to cash?

Some popular Malaysian cryptocurrency exchanges for converting crypto to cash include Luno, SINEGY, Tokenize Xchange, and Remitano. Each exchange offers different features and fees, so it’s essential to choose the one that best fits your needs.

How do I choose the right cryptocurrency exchange for my needs?

To choose the right cryptocurrency exchange, consider factors such as the available cryptocurrencies, fees and charges, security measures, customer support, and the ease of use of the platform.

Are there fees associated with converting crypto to cash?

Yes, most cryptocurrency exchanges charge fees for converting crypto to cash. These fees can include trading fees, withdrawal fees, and sometimes deposit fees. It’s essential to understand the fees associated with each platform before choosing an exchange.

What are the alternative methods of converting crypto to cash in Malaysia?

Alternative methods of converting crypto to cash in Malaysia include using peer-to-peer (P2P) platforms, cryptocurrency ATMs, and selling crypto directly to a trusted buyer.

How can I ensure the security of my cryptocurrency holdings while converting to cash?

To ensure the security of your cryptocurrency holdings, always use reputable exchanges or platforms, enable two-factor authentication, and never share your private keys or passwords with anyone.

How can I verify the legitimacy of a cryptocurrency exchange or buyer?

To verify the legitimacy of a cryptocurrency exchange, check for proper licensing and registration, read user reviews, and research the company’s history. When dealing with a buyer, ensure they have a good reputation and consider using an escrow service for added security.

What are the tax implications of converting crypto to cash in Malaysia?

Cryptocurrency transactions are subject to taxation in Malaysia. It’s essential to understand the tax implications and reporting requirements for your specific situation. Consult a tax professional or the Inland Revenue Board of Malaysia (LHDN) for more information.

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