Bitcoin and cryptocurrency have been some of the most trending buzzwords on the internet for the last couple of years. Bitcoin is a digital money for people who do not know, whose transactions are kept in a distributed digital ledger called blockchain. Because Bitcoin transactions are not processed by a central server, they are cheaper and a little faster than those made by mainstream financial systems.
These and many other advantages have forced some online buy casino backlinks to start accepting Bitcoin as one of the payment methods. The question some people are now asking is whether it is legal to make bitcoin deposits on an online casino if you are in online casino Malaysia platform to play. This article aims to address this very question and also share with you one of the popular casinos that accept Bitcoin as a form of payment.
Let’s get started!
Local Laws about Bitcoin payment and digital currencies
Before answering whether bitcoin is legal or not, let’s first check out some laws regulating digital currencies in Malaysia.
Subsequently the Capital Markets and Services Order (Digital Currency and Digital Token), which entered into force on 15 January 2019, was issued in 2019 by the SC. The Order was issued on that day. The Capital Markets and Services Law 2007 defines the features of the digital currency and digital tokens that are specified as securities for purposes of the Securities Law of Malaysia.
In accordance with these provisions, digital currency is defined as a value-representing digital repository, whether encrypted or otherwise, that operates as exchange medium and may be interchangeable with any money, including by crediting or debiting an account.
All digital currencies are supposed to be used following the law of securities.
A digital currency which—
(a) is traded in a place or on any facility that offers to sell, purchase or change the digital currency on a regular basis;
(b) a person expects a return in all respects from the trading, conversion or redemption of digital currency or appreciation in terms of the value of the digital currency; and
(c) is not issued or guaranteed by any government body or central banks in any way that may be speed.
Based on the details of this regulation, using bitcoin to do authentic transactions is not illegal in Malaysia. Using crypto is only unlawful if you it used to do illegal activities like money laundering or selling drugs. However, using bitcoin or any other digital currency to make deposits to your wallet or withdraw your payouts at an online casino website is legal.
Malaysia Online Casino Site that offers Bitcoin Betting
If you want to play online casino games such as 918kiss slot game, live casino, sports betting, and many more using bitcoin, there are not many casino websites that give you this payment option. me88 is one of the most reliable websites we can recommend if you want to pay using Bitcoin. If you bet using bitcoins, even your payouts will come in the form of Bitcoin.
Why use Bitcoin?
- Lower transaction fees: When you send money to your wallet using Bitcoin, you will pay almost half the fees you would have paid if you had chosen to use the mainstream banking system.
- Shorter transaction processing times: As long as your transaction is confirmed on the blockchain, your money will be sent to your bitcoin wallet instantly.
- It is more private: If you don’t want your banking information to be stored by any third parties, Bitcoin is the safest alternative since it doesn’t involve the use of central servers.
- More secure: The robustness of the blockchain when dealing with fraud is one reason why transacting in bitcoins is much safer than using mainstream financial systems.
- You will get a bonus: me88 is currently running a campaign whereby all users that make their deposits using bitcoin will earn a special bonus.
Bonus and Promotions for Bitcoin Betting
If you deposit to your me88 account using Bitcoin, me88 will give you an 8% bonus of the total amount of your deposit. All registered members on the website (whether new or old) qualify for this bonus. However, every member may only get this bonus once a week.
The bonus is also given to members who make a minimum deposit of MYR100 worth of bitcoins. me88 will notify all the members that qualify for the bonus. This bonus will be later credited to their wallet after 7 days. If you think you qualified for this bonus and you haven’t been contacted, you can always contact me88’s customer support, and you’ll be helped. For more details about this bonus, check the official page for promos at me88. After your money deposit, you can place your bet in any games like CMD368 sports betting casino games.
Others Betting Deposit & Withdrawal Option
Besides Bitcoin, me88 also has other payment alternatives that you can use to conveniently make deposits or withdraw your payouts. The two other options available are Help2Pay and EeziePay. These two are among the leading payment methods in Malaysia, so almost anyone in the country can conveniently use them. Help2Pay and EeziePay are also very secure payment methods and also have the reputation of respecting user privacy.
For anyone wondering whether to use Bitcoin to make deposits on an online casino, the simple answer to this question is yes. Based on the local laws of Malaysia, it is legal to transact using Bitcoin to make your deposits on any online casino website. To get started, me88 is one of the most reliable casino websites that accept Bitcoin as a payment method.
However, if you don’t find Bitcoin convenient, me88 also has other payment methods that you can use to make deposits and also withdraw your payouts when you win. The two payment methods accepted by me88 are EeziePay and Help2Pay. But remember, if you choose to use Bitcoin, you will be rewarded with a bonus of 8% of your deposit.