The KuCoin platform represents one of the world’s renowned crypto exchange having millions of users across several countries in the world; being characterized by it’s significant daily trading volume estimated to more than a billion dollar.
It engages in supported services such as leveraged tokens, spot trading, crypto derivatives and so on. Other supported services that are user-centric include margin trading, Halo Wallet, as well as trading bot.
Having to get awareness about the availability of a reliable cryptocurrency exchange in a country tends to indicate the assurance and security needed for your digital assets.
However, Malaysians are observed to have serious engagement with KuCoin services but there has been incessant concerns as regards it’s availability and safety in the country.
By following the content in this article, you’re definitely going to get further clarification on Kucoin’s availability in Malaysia as well as insights on one or more vital and related content.
In a rush? The short answer is you can use Kucoin in Malaysia because presently there’s any laws that prohibits Kucoin in Malaysia. Read on for detailed step by step guide.
Is Kucoin available in Malaysia?
The term ‘legal tender’ is simply any form of currency of which by a country’s law cannot be rejected as usage for a payment process; that is in this case, cryptocurrency.
Generally speaking on this term, crypto is not legal tender in Malaysia; meaning that the country’s law doesn’t approve it’s acceptability as a legalized and recognised payment method.
Nevertheless, this doesn’t depict that it’s illegal in the country since there are no laws negating the exchange of services or assets of cryptocurrencies in Malaysia.
This means that you can use exchange like Kucoin if it’s well approved by your merchant for usage. This literally means that you as the giver as well as the receiver of the crypto must share mutual understanding in order to trade.
However, reports has it that Kucoin had enforced limitations on users in Malaysia because of local financial laws, and users are beginning to experience certain limitations while engaging services with Kucoin.
Meanwhile, it’s vital to comprehend the fact that KuCoin’s policy may be upgraded in order to ensure possible relevance with regards to global legal changes so as to ascertain a legal trading platform for digital assets.
Related:
- Is Kucoin available in UK?
- Is Kucoin available in India?
- Is Kucoin available in Malaysia?
- Is Kucoin available in Canada?
- Is Kucoin Good for Day Trading?
- Does Kucoin Reports to IRS?
- Is Kucoin available in Pakistan?
- Is Kucoin Available in Kenya?
- Is Kucoin Available in Indonesia?
- Is Kucoin Available in Iraq?
How do I buy crypto in Malaysia?
There are arguably two major legal means of purchasing crypto in Malaysia. These two means are discussed in the content below.
Via Licensed Cryptocurrency Exchanges
DAX represents one major legal means of purchasing crypto via a licensed Digital Asset Exchange in Malaysia. As required by law in order to achieve an independent trustee to entrust your funds to as an investor.
The Securities Commission in this arrangement ensures that your funds are protected regardless of the situation with the platform used.
You can open an account with any of the platforms by navigating through the website or app and completing the verification process.
Aftermath, you can transfer your funds and purchase any of the cryptocurrencies offered. However, very few exchanges are licensed and regulated by the Securities Commission in Malaysia.
Peer-to-Peer Marketplace
Also known as P2P marketplace; represents another means of purchasing and selling crypto in Malaysia.
This enables you as an individual to sell crypto to another individual rather than doing things via an exchange platform. All you will have to do is to get registered and get in touch with buyers as a seller.
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Conclusion
Despite Kucoin’s operation without clear licensure from major financial authorities, it still enforces strict KYC procedures to comply with global standards.