Efforts to legalize Bitcoin and other cryptocurrencies as legal tender in Malaysia are underway. If it goes successfully, it would be a progressive addition to Malaysia’s currently small gambling industry. Cryptocurrency can make online gambling more comfortable since it offers a level of privacy.
Gambling, as we know it, is a risky industry, prone to numerous risks. But the legalization of cryptocurrencies in the country could lead to safer gambling transactions, transparency, and whatnot.
The Gambling Industry of Malaysia
So far, although Malaysia’s gambling industry is quite small with one legal casino (Genting Highlands Resort’s Casino de Genting) operating in the country, it is still making strides forward. For now, online gambling and sports betting are not legal in the country, with licensing limited to casinos, horse racing, and lotteries.
There has been some conversation surrounding CBDC (central bank digital currencies), with numerous jurisdictions considering their role. If you are looking for an online casino, there are many online gambling sites in Malaysia to choose from; one of the best is 888 Casino recommended by Penipuan.net.
While Malaysia has tested foreign transactions via a CBDC with South Africa, Singapore, and Australia – it has not yet addressed including cryptocurrencies.
It seems likely that Genting Group would support progress relating to cryptocurrency legalization in Malaysia. The company has already declared its interest in merging crypto with gaming when it established Resorts World Las Vegas (in Las Vegas, Nevada, of course).
Possible Impact of Crypto Legalization on Malaysia’s Gambling Industry
Considering the present atmosphere around crypto legalization in Malaysia is positive, there are chances that Bitcoin and other cryptocurrencies could soon be declared legal tender. The country’s Communication Ministry has voiced its support for adopting Bitcoin as legal tender, according to deputy minister Zahidi Zainul Abidin.
He hopes to establish youth participation in cryptocurrency once the government approves. Furthermore, considering the noteworthy development of fintech in the nation throughout recent years, it is somewhat viable to assume that something substantial could happen soon.
NFT trading has also been gaining traction in the country, especially among the youth. Assuming cryptocurrencies see legalization soon, they could bring about numerous changes in numerous industries – Malaysia’s gambling industry in particular.
The blockchain ledger stores, stacks, and tracks transactions as a third party, and due to their digitized stamp system, the chain is virtually irreversible. Ultimately, blockchain technology offers a sense of security, anonymity, and trust.
It provides a transparent service for every user’s financial transactions. This could revolutionize gambling transactions since gambling online is as risky as it is. Some possible benefits of the introduction of crypto in Malaysia’s gambling industry include:
Crypto is the genesis of the digital age. Therefore, it fits in quite well with the requirements of an online gambling market. One factor of note is that a lot of countries do not see crypto as legal tender. In light of this, when players gamble or bet online, they do it assuming it is not real money.
When they win at a game, however, the winnings are thus transferred to digital wallets in the form of a crypto token. They can also choose to convert the token into legal tender. Crypto transactions are not dependent on financial institutions, so their transaction charges are often lower.
Bitcoin has a significant market share in the gaming industry, and that may transfer to Malaysia as well – once cryptocurrencies are legalized. Bitcoin can be divided into smaller pieces, letting players place bets on more straightforward casino games like poker and slots.
Considering cryptocurrency transactions cannot be reversed, it also eliminates the element of non-payment and fraud.
Cryptocurrency removes the requirement of accounts. In that case, players do not have to disclose private information. Transactions involving blockchain technology do not link an identity to an individual.
Instead, the system makes use of an identifier code incapable of duplication. This way, players can maintain their anonymity. The entire process also involves transparency and protection based on digital wallet guidelines for anti-money laundering rules.
Players can maintain their privacy and financial freedom since all transactions are conducted privately. While traditional betting uses direct interaction with financial institutions and credit cards, cryptocurrencies provide benefits that surpass fiat currencies and conventional banking in terms of anonymity.
Asset Transfer Ease
Using crypto and NFT transactions provide ease when it comes to asset transfers. Provided the players have a currency network and a stable internet connection, playing is straightforward. Cryptocurrencies also remove the element of risk. Sometimes, casinos supporting crypto exclusively use crypto for slots, online sports betting, and poker.
They also give out bonuses and rewards using the same cryptocurrency. Companies like Microsoft, Facebook, and Subway have also embraced crypto as legal payment, further reinforcing its ease of transfer element.