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FIVE Legal Issues that Cryptocurrency holders in Malaysia have to know

Introduction

Since 2008, when the elusive Satoshi Nakamoto created the first cryptocurrency Bitcoin, cryptocurrency has been slowly gaining in popularity. Most people have heard of cryptocurrencies, such as Bitcoin and Dogecoin. However, few individuals are likely to comprehend what they are and how important they are in our everyday lives. This post will discuss some fundamental legal problems with bitcoin usage in Malaysia.

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Legal Issues of cryptocurrency in Malaysia

  • Is cryptocurrency a legal tender in Malaysia?

‘Legal tender’ may appear to be an esoteric term, yet it refers to a legally recognised payment mechanism. Notes and coins produced by the Central Bank of Malaysia (more popularly known as Bank Negara Malaysia, or BNM) are legal money in Malaysia, according to Section 24 of the Central Bank Act 1958. However, as you may have guessed from our explanation of the first issue, bitcoin may be used in bartering or trading. In Malaysia, no regulations are preventing the trade of services or assets for cryptocurrency. However, for this to function, both the donor and the recipient of the cryptocurrency must consent to the transaction. Unlike legal tender, we have the option of accepting or refusing cryptocurrency as payment for our services.

  • Is cryptocurrency useful or valuable in Malaysia?

In Malaysia, cryptocurrency payment gateways such as Coinbase Commerce, Bitpay, and Cryptobilis accept cryptocurrencies. In Kuala Lumpur, there are also bitcoin ATMs. Bitcoin has worth in the eyes of a rising populace, but does it have legal value? In the case of Robert Ong Thien Cheng v Luno Pte in 2018, the High Court said that BNM recognises cryptocurrencies as anything with a value linked to it called “shares.” This is because Luna Pte, a cryptocurrency exchange, is registered with BNM as a reporting organisation. As a result, it was determined that cryptocurrencies fit under the meaning of ‘something delivered’ under Section 73 of the Contracts Act 1950.

  • Is cryptocurrency taxable?

In Malaysia, cryptocurrency is taxed under Section 3 of the Income Tax Act 1967. However, because the Act does not offer particular information, there is no adequate structure for bitcoin taxation. At the moment, the tax regulator takes a case-by-case approach to each instance.

  • Who regulates the cryptocurrency in Malaysia?

Cryptocurrency, often known as digital currency, is classified as a security under securities legislation. This implies that under the Capital Markets and Services Act of 2007, cryptocurrency exchanges would be categorised as stock markets (CMSA). This is why the Securities Commission controls bitcoin, and why, if you want to learn more about cryptocurrencies, the Securities Commission is the best place to start.

  • Is it legal to trade cryptocurrency in Malaysia?

However, it is best to only trade on exchanges that are registered with the Securities and Exchange Commission. You can only run an exchange if you are a Securities Commission-registered digital asset exchange (DAX) operator. Otherwise, operating a DAX is a violation of securities laws. If convicted, a person may face a fine of up to RM10 million or a period of imprisonment of up to ten years or both. The Securities Commission requires registered DAX operators to follow tight rules, which provide sufficient protections to protect investors’ interests and limit risks linked to cyber-security, money laundering, and terrorism funding.

In conclusion, I hope that readers, especially those cryptocurrency holders in Malaysia should have a better understanding of the legal issues of cryptocurrency in Malaysia. So what you are waiting for? Go and check out cryptocurrency development company Malaysia for more details and information.  

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The Popularity Of Slot Casino Malaysia, Explained!

Have you ever entered any physical or land based casino, and had your eyes hooked on the giant magnificent machine? Well, if you are wondering what that machine is called as, and why are there people queuing in line for this machine, this is your answer! The machine that you saw is called slot machines, and most of it can be found in casinos. 

Why Are Slot Machines Popular?

The reason behind slot casino Malaysia’s popularity is something to do with the other games that can be found in casinos. So, first of all, look at it when it comes to the gaming aspect. This difference is going to occur as the slot casino Malaysia are truly distinct when it comes to other games which are still available in casinos regardless of what type of casino it is , sometimes, it can be a land-based casino, or other times, it is simply called an online casino. Either way, the popularity of slot casino Malaysia can be measured. So, here’s how!

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  • Table Games

Over the past years, the focus on table games were indeed popular before the arrival of slot casino Malaysia. When we talk about table games, one thing that we should be aware of is the difficulty level of these games. Table games are considered hard and tough due to their peculiar way of playing. Most of the time, people who play these games need to come up with a strategy in order to win this type of game. 

Examples of table games: baccarat, roulette, blackjack, Pai Gow Poker, Craps and many more. 

This game will need more than practice, strategy and patience. The important thing about these types of games is the necessity of luck. 

  • Slot Machines

Slot machines are the most favorite gaming features that people tend to choose over. Why? The answer is simple, the slot casino Malaysia is known to be way more fun and easy to play. These slot machines were introduced to people during the 19th century itself.

Compared to table games, most slot machines games are considered low in price, and are affordable to play by many people. Many have claimed that playing slot casino Malaysia helps them to feel more calm and relaxed, as they do not have to be on edge all the time compared to table games where it is a roller coaster ride.

Availability of Slot Casino Malaysia

The slot casino Malaysia is very much available to gamers and players out there. Moreover, the availability of slot casino Malaysia is also online. Meaning, nowadays people do not have to go to a land based or physical casino to get their hands on slot casino Malaysia. The easiest thing they can do is to download online casino apps onto their mobile devices to play their favorite slot casino Malaysia, where they can win rewards and cash prizes at any time. In addition, slot casino Malaysia can be used to entertain you while you’re stricken with boredom-ness.

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Why Do People Prefer Online Casinos?

Many people that had never thought about playing casino games before have now chosen to try their luck with online gambling. An online casino is a sort of online gambling where you may play casino games while also placing bets. When you gamble online, you may expect more than just pleasure and excitement. It provides a wider range of prospects as well as higher pay. Online gaming provides more possibilities than traditional casino stores.

There are numerous advantages to playing online casino games, which is why many individuals prefer to do so nowadays. As a result, in this post, I’ll discuss why individuals prefer online casinos to traditional or physical casinos.

1. Games that are diverse

When it comes to game variety or diversity, space is the most important consideration, as online casinos do not require a physical location, unlike traditional casinos. There is an infinite amount of space to develop new games and provide unique and creative options that traditional casinos cannot match. There is no waiting and you may play whenever you want with online casino games. Furthermore, with so many games to choose from, it might be difficult for gamers to narrow down their choices to just a few.

2. It is more convenient.

When comparing traditional and online casinos, convenience may influence a person’s decision on which form of the casino they prefer to play. If you play traditional casinos at actual casinos, you will have to travel, choose appropriate apparel, and adhere to the location’s operating hours, all of which might be aggravating if you are a busy person. You may play online casino games from the comfort of your own home, even while waiting for your food. You don’t have to worry about things like travel fees or anything else.

3. The best option for newcomers

If you are new to gambling, playing online casino games is the best thing you can do. It’s because playing on an internet site will benefit you because there will be fewer distractions and it will be easier for you to focus when you want to and stop playing when you want to when you’re playing from the comfort of your own home. You’ll also be able to save money on stakes because most online casinos enable you to play with as little money as you desire.

4. There are numerous perks and promos available.

People will always be interested in inexpensive and free items, thus this might be one of their marketing or promotion tactics. Bonuses and freebies play a significant role in attracting new clients to online gaming businesses. They are, nonetheless, helpful to players because they may obtain rewards such as free bets and bonuses on occasion.

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There are numerous reasons why people prefer online casinos to traditional casinos, and if you are interested in giving it a try, you can look into slot game review to get more information.

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Cryptocurrency Mining 

It is usual in today’s modernised environment to observe advancements in the application of technology. Some of the more obvious examples that we can see in our daily lives include the transition from carriages to automobiles, as well as the transition from old pirate ships to modern catamarans. Some would argue that pushing forward isn’t always the best option and that the pass should be kept. Nonetheless, we are always progressing in all parts of life, including the way we use money.

The currency known as cryptocurrencies is currently the most talked-about currency used by the wealthy. Let me give you a brief overview of cryptocurrencies for those of you who are unfamiliar with them. Cryptocurrencies are digital currencies. Cryptocurrencies are currencies that exist digitally and virtually that can be used similarly to the money that we see every day to purchase goods. It also operates similarly to the bank transfers we do as well. 

Despite how similar cryptocurrencies are to the money we use every day, there is one significant difference that distinguishes them. Digital coins, which are the result of crypto mining, are the result of this distinction. So, what exactly is cryptocurrency mining?

Currency mining resembles the process of digging for gold in a gold mine, with the gold mined out of the mine being put into the market as a new product. New digital money, known as cryptocurrencies, are introduced into the system in this situation. It is the process of using sophisticated software to create new currencies that may be used and purchased by cryptocurrency enthusiasts.

Cryptocurrency mining is a high-risk business, comparable to gold mining, where miners’ lives are put in jeopardy. So, why do people invest their time and money in bitcoin mining? This is because, despite the fact that it is expensive, hazardous, and occasionally unrewarding, cryptocurrency mining is a lucrative industry.

Cryptocurrency miners that have mined a single block off did you tell currency can earn a lot of money, similar to how a single gramme of gold can cost hundreds of ringgit Malaysia. According to recent reports, a single block can cost up to $50,000 USD. As a result, despite the fact that cryptocurrency mining is a risky and expensive industry, cryptocurrency miners go above and beyond to achieve their objectives.

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Why is Bitcoin mining important?

To keep things simple, Bitcoin miners work in the same way that auditors do. They are responsible for not only putting new currencies into the system but also for ensuring that the same money is not used twice. It’s similar to how some people produce counterfeit checks or money that they try to present to banks in order to obtain the money that is not theirs. As a cryptocurrency miner, you are ultimately responsible for the digital currency’s security mechanisms. In the future, you’ll be responsible for avoiding counterfeiting and reusing the same digital cash.

So, the next time you’re looking to be a miner of cryptocurrency, it is advisable for you to keep yourself updated. Click here for more trending alt coin news

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Places To Go For Your Bachelorette Party

Congratulations! You are getting married, there must be tons of emotions like excitement, scarred, and anxiety waiting for your wedding day. Like any other woman, we all have been planning for the perfect wedding day since we are 6 years old. From what dress should we wear, to where we will be holding the wedding ceremony is. 

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All of this planning will not be easy to do by ourselves and that is why we need to have our trusty group bridesmaid and our maid of honor to help us arrange the perfect wedding day. Other than the wedding day, they also have to plan and arrange the best and memorable bachelorette party. Here are some of the places that you can consider going to for your bachelorette party. 

 

Las Vegas 

Las Vegas is a city of fun, the moment you step your feet here. They’ll be nothing but fun and excitement waiting for you. They are known to have the most top casinos in the world where you can gamble, party, and have fun all night long with your girlfriends. Not only that but there are tons of cuisine in Las Vegas that you and your friends should try. You can start practicing at the best online casino Malaysia before arriving at the casino to polish your gambling skills. 

 

London 

London is the place to visit if you want to see how old-fashioned tradition and current culture can coexist in a beautiful way. You’ll want to visit Buckingham Palace, especially if you’re a royal watcher, in addition to treating yourself (and your gal companions!) to a classic tea. Relax in Hyde Park, shop at Piccadilly Circus, and make a point of visiting at least one of the city’s old pubs before leaving. Check out some of the real filming sites if you’re a Potter lover.

 

New York 

New York City is the most popular bachelorette party destination on the East Coast. After all, what bunch of friends wouldn’t want to see the Big Apple? The city offers tourist attractions like the Empire State Building, world-class shopping, and boozy brunches. Plus, there’s nothing like a night out in the City That Never Sleeps in your highest heels and prettiest dresses (sashes are optional).

 

Aspen 

Aspen is the ideal destination for your stylish-yet-sporty friend, offering some of the greatest skiing in the country in the winter and hiking in the summer. Enjoy a relaxing day on the slopes or a spa day during the colder months.  At Cloud Nine Alpine Bistro, located slopeside on Aspen Highlands mountain, try to get 2:30 seating. As the afternoon progresses, trust us when we say it turns into quite a wild champagne-spraying party. (If you had a little too much fun at lunch, don’t worry; snowcats are accessible.)

 

These are some of the fantastic places that you can consider going to for your bachelorette party. There’s no doubt that you’ll definitely have fun and tons of a great time at any of the places that you choose. 

 

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Online Gambling Safety Tips

We no longer need to go to a casino to get a true gambling experience, due to improvements in technology. Now, there are a variety of online casino websites to choose from where we can play. Nonetheless, there is a risk associated with the accessible online gambling experience, which is that internet casinos are more likely to deceive players. So, what should you do to avoid being scammed while playing at an online casino? Here are some guidelines to avoid being scammed while playing online casinos. And being safe while playing, online casinos. 

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Read The Websites 

 

With so many options when it comes to online casino websites, you must take caution whenever selecting the one where you will wager. Study the website for indicators that it is legitimate or fake. Before you join up for a website, check reviews from other players to determine if it’s a fraud or not. For instance, if you are planning to play on an online casino website, the best website will be pussy 888 because it serves you with many games and it’s not a fraud or dangerous website. 

 

Licensing and Registrations

 

Aside from reviewing the website’s reviews and credibility. It’s also essential to check the licenses and registrations of online casino websites. This is due to the fact that all legal online casino websites are registered with the legal parties and must display their registration information on their websites. So, if the website you’re looking at doesn’t appear to be registered or permitted, you should browse on to some other website.

 

Terms & Conditions 

 

Most legit and safe online casino websites will provide you with full terms and conditions, for you to read and know what you are getting yourself into. As for safety tips, it is good if you can take a few minutes to read the terms and conditions and understand them. If the terms and conditions are sketchy or it’s not being displayed for customers to read, it’s better for you to look for other online casino websites that are much safer. 

 

Contact Customer Service 

 

If this is your first time using online casino websites, it is best if you can reach customer service to be clear with what you are getting yourself into. Ask any questions that you might be confused about. This is because every legit online casino website will have a customer service contact ready for their clients to reach them. And, most scamming websites will not put out any information contact that is related to their websites. 

 

Sketchy 

 

Most of the time, to see if the website is safe or not, you can see the prizes or deals that they are offering and if it seems sketchy to you. Chances are, the websites are a scam and it’s not safe for you to keep on continuing playing and gambling your money on that websites. Try to browse and look for other websites that are not sketchy and safe for you to gamble on them, without having to worry about your personal safety and the safety of your bank account. 

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