Today in this digital age, many are investing in cryptocurrencies BUT practically every other day we also hear of people after quick money being scammed. I tell you, if you are about to retire or retired, you do not want to be scammed, so don’t be greedy and be kiasu like me, hahaha.

The safest options if you are a salaryman are (1) put your money in EPF and (2) over the counter FD Promos where you get more than 1% interest rates higher than board rates. These two methods earn you compound interest!!! On the other hand, if you educate yourself to learn about technical analysis then you go play whatever market you want.

If you know nuts about investing except that you have money in your EPF from your hard work, don’t trust anyone, and I mean anyone including your relatives or children that tell you that you can earn more from a certain investment that pays higher than bank’s interest rate! What interest rate are they referring to? Most of the time the people who tell you that their product is better than bank’s interest rate, these people are just selling a product to earn commission and not for your well being!!! And if you have been reading my articles, you will know the magic of compound interest. If you do a quick calculation, you will realise that by you depositing periodical into Promo FDS with compund interest instead of paying the premiums to the so called investment, you will have more money at the end of the day!

If you are have been following me for years, you will know that PROMO FDs and EPF compound interest are the best where your money is secured. Any other investment there are risk involved including investing in gold (I am not telling you to buy or not to buy gold but I am telling you that either investing in physical gold or Gold Savings Account have risk too).

Having said the above, we should also invest in riskier investments such as shares, gold and in today’s world cryptocurrencies, especially if you are young and not retired where you can handle/absorb any damage that may occur.

Long long ago, I had an article where I mentioned I regretted not buying Bitcoin when it was below USD1! Today 1 Bitcoin is worth more than USD100K! And I have mentioned many times previously the best place to learn about playing/investing in Bitcoin was with Ringgit Oh Ringgit, the Ultimate Bitcoin Guru in Malaysia. Now Ringgit Oh Ringgit is one of the best personal finance blogger in Malaysia.

But like I said at the beginning of the article, many people are scammed. Therefore I decided to produce this article to educate those of you who are willing to read this article 🙂

Is Bitcoin Legal in Malaysia?

As usual I googled and below is the answer I found:

In respect to the above, Bitcoin is not a legal tender in Malaysia which is no surprise because the only legal tender in Malaysia consists of FIAT Currency (banknotes and coins) issued by BNM. It is that simple.

Can Malaysia Invest in Bitcoin

Of course you can invest in Bitcoin but you need to use FIAT Currency (MYR) to buy it and when you sell, the money is also converted back into FIAT Currency (MYR) so that it becomes legal tender for you to purchase stuff in Malaysia.

And up to date, June 2025, only 6 Digital Assets Exchanges (DAX) are approved by Security Commission Malaysia and Binance the world biggest Bitcoin Exchange is not one of them!

Once again the 6 approved companies, i.e. cryptocurrencies exchanges, approved in Malaysia are:

1. HATA Digital Sdn Bhd
2. Luno Malaysia Sdn Bhd
3. MX Global Sdn Bhd
4. SINEGY DAX Sdn Bhd
5. Tokenize Technology (M) Sdn Bhd
6. Torum International Sdn Bhd

So do more research on the companies mentioned above, just google each of them and see who actually own them.

I did register with Tokenize where Kenanga Investment Bank Berhad (KIBB) acquired a 19% equity stake back in 2021; BUT I cannot sign in to Tokenise, hahaha. So I have never utilise it despite getting emails from Tokenise Malaysia up to today.

The other exchange I signed up with was Luno, it is very easy to use. To buy cryptocurrencies at Luno, I will just perform FPX and the money will be instantly credited into my Luno Wallet which I can then buy Bitcoin and other cryptocurrencies. When I sell my cryptocurrencies at Luno, It will be converted straight to RM which I can transfer straight into my Malaysia bank account.

I googled Luno and below is what I got:

In respect to the above Google AI answer – Luno Malaysia is owned by Digital Currency Group which is owned by Genesis that recently filed for bankruptcy!!!

So is Luno Malaysia safe to invest with? Well, Security Commission Malaysia thinks so, else it will not be still listed as an approved DAX and therefore I have no issues with Luno Malaysia Sdn Bhd.

Another thing about investing in cryptocurrencies, besides the value can go to ZERO, is that exchanges can close down, example FTX. So many Bitcoin investors will move their Bitcoin into Hard Wallet or Cold Wallet BUT it still can be hacked!

Below is what google mentioned about storing Bitcoin:

But I am not a big time Bitcoin player so I will just stick to Luno simply because I am lazy to learn more on how to store Bitcoin. Moreover even if all my Bitcoin are stolen or the value goes to ZERO or Luno Malaysia closed down, I still can sleep soundly. I just play Bitcoin because of FOMO and to shiok sendiry and for thrills (bitcoin is not for those with a weak heart).

How many Malaysians own Bitcoin?

As usual I googled and the AI will just go report something that was previously posted:

Well, the above was based on a Survey and I doubt more than 10% of Malaysians right now own Bitcoin with the 6 approved exchanges. But for sure more and more people will be investing in Bitcoin as more and more Generation Alpha becomes adults. I guess most GenZ who are working and their world is tied to the internet will have bitcoins.

If you google, Luno Malaysia has more than 1 million users. And Luno Malaysia is the leading Cryptocurrencies Exchange in Malaysia and I think part of their success is indirectly thanks to Mr. Stingy, haha.

So if you have been reading my articles for years where I have mentioned Ringgit Oh Ringgit and Mr. Stingy websites several times, if you did not invest in Bitcoin up to today, I bet you are regretting big time, e.g. 10X, 100X, 1000X and etc, hahaha.

So once again, if you kiasu like me where you do not want to be scammed or invest Bitcoin illegally, only play Cryptocurrencies with Digital Asset Exchanges approved by Security Commission Malaysia.