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Bitcoin in Malaysian Casinos
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Malaysia is one of those countries that, after some consideration, decided to legalize cryptocurrencies and allow crypto enthusiasts to use them for all kinds of payments and purchases online. Now, this puts the online casino players who want to use the first-ever cryptocurrency, Bitcoin, in a remarkable position, since the digital currency is offered across all online casinos that support cryptocurrencies. And while online gambling is not legal, Malaysian players still get access to international casino sites, excellent sites that offer BTC. So, if you’re interested in finding more on the subject and locating the best casinos that offer the crypto, stay with us. Why decide to use Bitcoin across Malaysian online casinos?
Cryptocurrency Regulation in Malaysia
Despite cryptocurrency popularity, there are still many countries across the globe that have banned them or simply do not want to legalize them, but Malaysia is not one of them. As of 2019, Malaysia has joined the many countries that have welcomed them, and with the Capital Markets and Services Order 2019, has regulated digital currencies. Therefore, Bitcoin is perfectly legal in the country, even though not really recognized as a legal tender or payment instrument, but as securities. The main regulator in charge of digital assets oversight is the Securities Commission Malaysia (SCM).
When it comes to online gambling, things are not looking as bright. In fact, online gambling is illegal, banned in Malaysia, with an old law introduced back in 1953. Therefore, as an online casino games enthusiast from the country, sorry to say, but you won't find any sites that hold a license from a Malaysian regulator. But don't lose all your hopes just yet. There is still a myriad of international online casino sites that accept players from the country!
In fact, considering its loose online gambling laws, plenty of international operators have been giving access to Malaysian players for years now. That means that you have at your disposal many choices to consider joining, to enjoy your favorite games. As of a few years ago, the ban was not enforced, but as of 2019, the Malaysian government moved to tackle illegal activities. So far, we have found no evidence of any player getting prosecuted or fined for it, but it is good to know that you might need to look over your shoulder whenever you are in for some online gambling time.
That being said, it is best that you look for licensed international online casino sites when you decide to join an online casino. Since your country does not have your back, and won’t offer player protection, you better join sites with fair terms and conditions for Malaysian players. Hundreds of such sites exist, though, so you can rest assured that you can still, despite the obstacles in your way, enjoy a seamless online gambling time.
And thanks to the fact that most of these casinos you have access to offer Bitcoin, you are in for a real treat. The only thing left for you to do is select the site you’d want to join that accepts the cryptocurrency, and you’re ready to start your crypto online gambling journey. In fact, stay with us, as next, we’ll guide you through all the steps you need to take to achieve that.
Using Bitcoin Across Online Casinos
Considering how open to crypto Malaysia is, you have probably used Bitcoin already; but in case you haven’t, we’ll take you through the procedure you’d need to go with to get started with it, step-by-step, so bear with us.
First things first, you need to obtain some coins, or in a drastic move, mine them. We say drastic because the latter option requires equipment, resources, and a lot of nerves and time. It is more of an investment rather than a way to obtain coins for regular use, so we’ll stick with the former option. This means getting your coins using your native currency, the Malaysian ringgit, from a crypto exchange. A lot of such platforms cater to Malaysians, like SINERGY, Huobi, Binance, and Luno, for instance. Decide with the one to go with and register an account with it. Link a payment method to your account, be it eWallet, a credit card, a different digital currency you may hold, or whichever you’re already using from the ones offered, and fund your balance. Finally, set the amount of Bitcoins you’d like to purchase, pay for it using fiat currency and that would be it.
The next step would be transferring your newly purchased coins to a crypto wallet. Coinomi and MetaMask would do perfectly, but feel free to find your own option. Register an account with it, too, and then you’ll get the needed credentials, which in the crypto world are called keys or addresses, the alphanumerical strings that you’ll use each time you’re sending and receiving coins. In this case, you’ll be receiving your coins from the crypto exchange, so use your key to get your coins safely to the crypto wallet.
Finally, you’re ready for the big step: depositing at an online casino with Bitcoin. As said, you will find plenty of casinos that both cater to Malaysian players and offer Bitcoin, so you’ll have a wide variety of choices to consider. Check out a few and decide on the one to join. Once you do, to make a deposit with Bitcoin, do the following:
- Locate the Banking page, then the Deposits section at your chosen casino.
- Find Bitcoin’s logo and press it.
- In the pop-up, copy the operator’s key and open a new tap where you enter your crypto wallet.
- Paste the casino’s key and enter the amount you want to deposit.
- Double-check the details and confirm the transaction; in real-time, the coins will land on your online casino balance.
As far as withdrawals go, you can sit back and relax knowing that you'll be able to cash out your winnings using Bitcoin. What’s more, whichever casino offers it for deposits will surely also offer it for withdrawals. So, to request one, repeat the steps we just described, only this time paste your key on the casino’s payment page and enter the amount you wish to withdraw. After the operator reviews your request and approves it, your coins will get to your crypto wallet.
Top 3 Methods Offering Bitcoin at Online Casinos
You'd be pleased to know that, while the procedures we described for getting started and using Bitcoin are legit, there's a shortcut to it. In fact, you can skip them both, as long as you have an account with the following payment solutions. These are all alternative banking methods that have started offering cryptocurrencies and even allow fiat to crypto exchanges on the spot, right there on the account you have with them. They have integrated with leading crypto exchanges to provide you with the option, if you are already using the following solutions offered in Malaysia, you are good to go:
- PayPal – PayPal is certainly one a brand you've heard of at least if not already using, since it is one of the first eWallets that appeared. It is also one of the first to start offering users the chance to purchase digital currencies via their PayPal account. With this account, you can buy, hold, and sell cryptocurrencies like Bitcoin, of course, Ethereum, Bitcoin Cash, and Litecoin.
- STICPAY – Another global eWallet that allows you the same crypto purchasing functionality is STICPAY. This is also a popular solution across Malaysian online casinos, which will allow you to use MYR to purchase BTC, on the spot. It continues adding new digital and fiat currencies to its supported currencies list.
- Skrill – Launched over 20 years ago, Skrill is one of the most popular methods by PaySafe, a giant payments company. It was already at its peak when it introduced the crypto purchasing functionality, as a new option for users to use for all kinds of purchases and payments. You can purchase your BTC via its platform and use it for deposits across over 700 online casinos that accept Malaysian players!
Conclusion
One way or another, you can rest assured that as a Malaysian player, you can use Bitcoin across hundreds of international online casino sites. It is easy to get started with and use, plus as you can see, you have an alternative option to the standard one for getting your coins, so with so many options at your disposal, make sure you consider using it as your payment method as it is offered across most, if not all, Malaysian casinos.
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FAQs
Is online gambling legal in Malaysia?
No, online gambling is not legal in Malaysia. With an old law, in fact, it is banned. However, players from the country still get the chance to access international online casinos that cater to them. Meaning, that as a Malaysian player, you can join any casino that you get access to.
Are Malaysian players prosecuted for gambling online?
Even though the activity is banned, the ban is not enforced, as there are no records of players getting prosecuted for gambling online. Therefore, you are free to join any casino you want without fear of getting fined for it.
Are digital currencies legal in Malaysia?
Yes, they are. With the Capital Markets and Services Order 2019, Malaysia legalized digital currencies, but not as legal tender. You cannot use them via a bank account, the Malaysian ringgit is still the only legal currency you can use as a Malaysian citizen.
Am I allowed to use Bitcoin across Malaysia-facing online casinos?
Sure. Considering its popularity across Malaysia-facing online casinos, you can use Bitcoin whenever you want. However, since online gambling is not legal in the country, you won't find licensed Malaysian sites to join that accept the cryptocurrency, but you'd have to look for international sites that do accept Malaysian players.
How many online casinos accept Malaysian players and Bitcoin?
Over 700 international online casinos are at your disposal to check out, sites that both offer Bitcoin and accept Malaysian players. So, roll your sleeves up and get to work, as there’s a huge variety of sites to explore, to find the one that would perfectly match your preferences in terms of games and bonuses.