Malaysia Is Loose

When it comes to regulation for Crypto, it is quite interesting. Some countries are tight and some counties are loose. For Malaysia, it's more to the loose side. As far as I know, Malaysia doesn't have any capital gains tax on Crypto. They don't even have income tax on crypto unless you do a lot of short-term trading which may flag you for revenue gaining. However according to Ringgitplus, they do have taxes on businesses if their activities and operations are performed in Malaysia. Crypto is legal in Malaysia however it's not recognized as a legal tender and to be fair most countries don't recognize crypto as a legal tender. This just basically means you can't be using crypto to pay your taxes, debts and other legal obligations.

In 2019, there was an order that recognized crypto as a security in Malaysia. In simpler terms, the Ministry of Finance of Malaysia recognizes crypto as a tradable financial asset. This also means that for companies to offer crypto tokens sales and exchanges they would have to be properly registered. In reality though, there are many exchanges that are operating and working in a country without that proper registration. For example, Binance is supposed to be banned in Malaysia and other exchanges like Kucoin, Bybit, Huobi all don't have an operating license in Malaysia but I'm sure there are people from Malaysia using these exchanges as they for sure have better liquidity than the ones with a license in Malaysia. Personally, I don't use any of the exchanges registered in Malaysia; I use Binance and Huobi.

At the moment, I can say that my government's stance on crypto doesn't really affect my life on the blockchain. This would be a totally different story if I was still living in California though. I would have to worry about figuring out how to do taxes for all this and it can be a hassle because I've heard my crypto mentor complaining about trying to calculate the gains/losses from the NFT aspect. This in a way makes me glad that I decided to move to Malaysia even though being part of Crypto wasn't part of the plan at that time. It just happened to work out for my future. I haven't withdrew any crypto to fiat yet. I have put all the crypto I have earned from blogging, investing into crypto and nfts back into crypto. In the case I do withdraw in the future, I would probably do it in small amounts to avoid getting questioned by the bank about where all the money is coming from.

What's my advice to everybody to come out on top? Unfortunately, in crypto not everyone can be on the top. There are also losers that are on the bottom that have to lose money. It has to be this way because the value has to come from somewhere right? The money can't just be printed out of midair unless it's a scam. My advice to be on top would be not to be too greedy, always take profit and always check if links are legit. We are coming at a bull run and there will be a lot of scams coming back. Do not underestimate these scams; they get even the most cautious and smart people. I would suggest to always use a burner wallet and keep all your funds in a cold wallet or wallet with only purpose of storing/moving funds. Take care guys and enjoy the ride!

Posted Using InLeo Alpha