Cryptocurrencies, such as Bitcoin and Litecoin, have been around for a while. They were initially created to allow people to make electronic transactions without using banks or other institutions.
While cryptocurrencies have been around since 2008, they’ve only recently started being used by online casinos as a way of processing deposits and withdrawals faster than traditional methods would allow them to – especially when it comes down to making payments overseas.
Technically, the use of crypto in Malaysia is a grey area, while the government is considering making crypto like Bitcoin legal tender in the country, this hasn’t come to fruition yet. This makes using it on online casino sites a grey area that we’d like to explore more.
The Legality of Online Casinos and Cryptocurrencies in Malaysia
At this point, there isn’t any indication that Malaysia will be banning online casino games or cryptocurrency anytime soon. Technically, online gambling has been illegal in Malaysia since the Common Gaming Houses Act of 1953 and the related Betting Act. These laws predate the internet and don’t discuss online casinos, so online gambling is mostly ignored, but there are movements to ban online casinos.
With the government considering making cryptocurrencies legal tender, and the nature of overlooking online casino activity, many crypto casinos are now accepting Malaysian players. Trusted and licensed sites are the best, and here are the 10 trusted online casino Malaysia.
Malaysian Cryptocurrency Regulations
Cryptocurrency isn’t illegal in Malaysia, but it isn’t legal tender either. It is not recognized by the Bank of Negara and is regulated by the Securities Commission through Capital Markets and Services.
As they aren’t an illegal form of currency, then they can provide a safe way for Malaysian players to participate in games in online casinos. The difficulty will come when they need to transfer crypto back into common legal tender.
Advantages of Using Cryptocurrencies in Online Casinos
Cryptocurrency is a digital asset that uses cryptography to secure its transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems.
Cryptocurrencies are incredibly popular in the world of online gaming, especially in Asia.
Privacy and Anonymity
Cryptocurrency transactions are anonymous, meaning you don’t need to provide any personal or financial details. This is perfect for those who want to keep their online casino gaming activities private from others.In a country where online gambling is technically illegal, this can be a safer way to participate.
Lower Transaction Costs and Faster Payouts
Cryptocurrency transactions are much cheaper than traditional payment methods. The transaction fees for cryptocurrencies are lower than credit card and bank fees, and they take less time to process as well. Players can enjoy faster methods of deposits and withdrawals.
Challenges and Risks of Using Cryptocurrencies in Online Casinos
Cryptocurrencies are a relatively new form of currency, and there are many challenges that come with using them. Cryptocurrencies are not legal tender in Malaysia, so it’s important to know that you may face issues if you choose to use them as payment at an online casino.
Price Volatility and Conversion Issues
Cryptocurrencies are highly volatile, with prices changing quickly. Players can even find that their winnings have lost value by the time they cash out. This makes them unsuitable for long-term investments and causes problems when converting cryptocurrency into local currency in Malaysia.
Regulatory Risks and Legal Issues
With cryptocurrency being unregulated, it’s hard to hold any online casinos running nefarious games accountable when cryptocurrency is involved. Malaysia has yet to clarify its stance on cryptocurrencies and whether they can be used in online casinos. There is also no clear regulation on how players should be taxed when using cryptocurrencies as payment methods at Malaysian-licensed gambling sites.
The lack of clarity on these issues means that if you’re caught playing with cryptocurrencies in Malaysia, there could be consequences, but no amendments have been made to the laws to include online gambling.
Cryptocurrency-Friendly Online Casinos for Malaysian Players
Now that you know the basics, here’s how to pick an online casino.
● Check the casino’s reputation and security. You can do this by reading reviews on sites like TrustPilot or playing in demo mode on their website.
● Look for a casino that accepts multiple cryptocurrencies, such as Bitcoin and Ethereum, so that you can deposit with your favorite cryptocurrency.
● Look for a wide range of games: card games like poker, roulette, and blackjack; slot machines; table games like baccarat or craps; video poker.
Our recommended picks include BK8 Casino, AceWin8 Casino, and Me88 Casino.
Evaluating Casino Reputation and Security
● Platform Security
● Read the terms and conditions
● Research licensing for online casino platforms
● Check out gaming forums and get the honest opinion of other players.
● Look for comments on customer support: live chat rooms, emails, and phone numbers.
The crypto market is growing rapidly, and there are many online casinos that accept cryptocurrencies as payment methods. You can enjoy the benefits of using cryptocurrencies without worrying about losing money or having personal information stolen by criminals and avoid the legal grey area when it comes to online gambling in Malaysia. Make sure to do your due diligence when it comes to picking an online casino so it has the correct licensing to keep your gaming and your crypto safe and secure.