Cryptocurrency and Gambling: The Malaysian Perspective
With cryptocurrency surpassing the $2T market cap, there’s barely any sector where this decentralized form of currency is not used; casino and gambling are no exception. With different parts of the world accepting cryptos as a mode of payment in online casinos, the Malaysian market has also made this transparent and secure technology accessible to players. Digital currencies have converged with the industry and are serving major benefits, including faster transactions, global access, and lower fees. The usage of Bitcoin in Malaysian casinos is only rising. Trends suggest that more tokens could pick up momentum in the future. The focus, for now, is more on the overall usage of cryptocurrencies in gambling within Malaysian casinos.
Cryptocurrency Regulation for Malaysian Casinos
Although crypto transactions are decentralized, crypto regulations are essential to maintaining transparency and ensuring the safety of players’ funds. Malaysian casinos have adopted multiple approaches to abide by regulations, including licensing and integrating security tools with their platforms.
Legal Status of Cryptocurrency in Malaysia
Cryptocurrency in Malaysian casinos, or any other industry, for that matter, is legal. The Prescription Order 2019 recognizes cryptocurrencies as securities. However, they don’t hold validity as legal tender or payment instruments. Cryptocurrencies in the country are regulated by the Securities Commission Malaysia (SCM).
Some of the valid cryptocurrencies that can be purchased are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH).
Compliance and Security Measures
Malaysian casinos ensure compliance and security by aligning their operations with general gambling laws. This can be a dynamic challenge as the industry and its standards are constantly changing; however, the segment goes on to focus on elements like security, which includes SSL and a proper authentication process.
Compliance often entails licensing, fair play, and responsible gambling. Online casinos in Malaysia do their best to navigate amid the challenging environment while offering the next user experience.
How to Get Started with Cryptocurrencies in Malaysian Casinos?
Getting started with cryptocurrencies in Malaysian casinos is similar to getting started with any other payment method, including digital tokens.
Setting up a Cryptocurrency Wallet
A cryptocurrency wallet can be set up by downloading its application on a mobile device. Crypto wallets are protected by private keys, which must be stored securely to be accessed again in the future. Using Bitcoin in Malaysian casinos begins with setting up a crypto wallet. Some of the crypto wallets are MetaMask, Exodus, and Coinbase Wallet.
Purchasing Crypto
The next obvious step is to purchase cryptocurrency. This helps to fund the wallet after it has been set up. Cryptocurrencies can be purchased using fiat currencies or other payment methods supported by the crypto wallet platform. Needless to say, almost all of them accept the Malaysian Ringgit, the local fiat currency of the country.
Hosting cryptocurrencies in a crypto wallet further enables users to leverage that holding when required to make transactions.
Depositing Crypto in Online Casinos
Instead of depositing fiat currencies, users must deposit cryptocurrencies in Malaysian online casinos. This is a natural course of action not just for online casinos in Asian countries but anywhere in the world. Depositing cryptocurrency in Malaysian online casinos can be done by linking the wallet to the online casino and then accessing the profile section to make the payment.
It is important to note that online casinos may be selective about accepting a particular crypto. For instance, some may accept Bitcoin, while others may accept Bitcoin and Ether. Also, some can have exclusive deals associated with a specific crypto. These could be an added bonus or free spins.
Majorly used Cryptocurrencies in Malaysian Casinos
There are thousands of cryptocurrencies worldwide, but only a handful are accepted in Malaysian casinos. These include Bitcoin, Ethereum, and Litecoin.
Bitcoin (BTC)
BTC is the most widely used cryptocurrency in Malaysian casinos. It offers multiple bonuses, like welcome offers and instant withdrawals. The latter is available for every crypto, while the former is associated only with select tokens.
Ethereum (ETH)
ETH follows Bitcoin on the list of cryptos accepted in Malaysian casinos. The token has also gained traction by approving Spot exchange-traded fund (ETF) in the US market.
Litecoin (LTC)
LTC is little known to those outside the crypto ecosystem. However, it has a large following within the confines of digital decentralized currencies. Litecoin is ranked third on the list of cryptos accepted in Malaysian casinos.
Not every cryptocurrency may be accepted on all platforms. Hence, one should do their research before creating an account.
Major Payment Methods Accepting Cryptos in Malaysian Casinos
One can use cryptocurrency in Malaysian casinos through any of the accepted payment methods – PayPal, Neteller, Skrill, and SticPay.
PayPal
The worldwide-known digital wallet allows users to hold and store their digital currencies. Depending on a jurisdiction’s regulatory compliance, PayPal’s cryptocurrency offerings can be used for payments, trade, and exchange purposes.
Neteller
Neteller is another digital wallet for buying, holding, and storing cryptocurrencies. It can be linked to a Malaysian crypto casino to fund accounts and receive payments or rewards.
Skrill
Skrill was launched more than two decades ago and is now widely recognized as a crypto wallet. It was once the industry leader and has successfully retained that position by evolving.
SticPay
The global eWallet lets users purchase Bitcoin using Malaysian Ringgit (MYR). It is now exploring adding more options for fiat and cryptocurrencies.
Malaysian casinos allow all the wallets to get linked to their platform. However, some may have special benefits linked to a specific wallet and crypto.
Conclusion
Malaysia has started accepting cryptocurrency to make transactions at online casinos, giving players the access to have a transparent and secure igaming experience. Using Bitcoin in Malaysian casinos facilitates players with a fair chance to access a wide range of games, just like any other international online casino. It is important to have a crypto wallet to hold the cryptocurrencies and make payments whenever required. Any payment method, including Paypal, Neteller, and others, can be utilized to carry out the transfer of funds.
FAQs
1. Is It Legal to Use Cryptocurrency in Malaysian Casinos?
It is legal to use cryptocurrency in Malaysian casinos. Some acceptable ones are Bitcoin, Ether, and Litecoin.
2. How to Gamble with Cryptocurrency in Malaysia?
In Malaysia, one can gamble with cryptocurrency by setting up a crypto wallet and creating an account on a gambling website. Fund the wallet and transfer the required amount to the casino to get started.
3. Are There Any Fees Associated with Using Crypto in Malaysian Casinos?
The fees associated with using crypto in Malaysian casinos depend on the platform. You should check this at the time of registration.
4. Are There Any Bonuses for Using Cryptocurrency in Malaysian Casinos?
Bonuses linked to cryptocurrency usage in Malaysian casinos include welcome bonuses, instant withdrawals, and an x-times bonus against the initial deposit.