QUOTE(Wolves @ Nov 9 2021, 01:40 PM)
thanks for the reply.
hmmm.. have you not ever take out your "initial investment" at all?

just curious. I would have taken out the first part so there is no loss

but thats my old brain thinking. Anyway, if Luno is the only legit way to "sell", wouldnt that make it the better choice of wallet to have? And how much per month or per transaction will attract attention? (i know this one is hard to answer but who knows someone tried and "appeared" on LHDN/BNM radar). Kucoin/Huobi is just another exchange like binance right? If so why binance is banned but not other exchanges? or they are all banned? is crypto banned or taxed in malaysia?
From what I found out (not sure true or not coz i just been reading about it past few weeks), binance is banned coz of suspected activity (money laundering) and crypto is not actually illegal in Malaysia. Being tax or not depends on the activity such as trading (a lot of transactions and your main income is from trading pairs) vs capital growth (put in and wait for it to grow value and not trading as a "job"). However, if such is the case, then why is "buying/selling" crypto from fiat and to fiat such a hassle in Malaysia? This is the part I do not understand and a barrier for me to try. I want to try but when i see the hassle its really disheartening (besides the overwhelming information and all the "scare" alerts). Can enlighten me on these parts? Is there a way i can just install a wallet like trust wallet and just buy using bank transfer into the wallet and off i go getting the coins/token i want without all the premium price and vice versa for withdrawing?
If you want to lock in your profits, just convert to stablecoins like USDC or BUSD - unless you really need to use MYR to spend on something. There are various lending platforms that much higher interest rates than banks anyways (>8% for CeFi ones like Celsius, Nexo, Crypto.com etc.)
There are also stablecoins in other currencies (TGBP, TAUD, etc.) if you prefer to hedge against USD but less popular at the moment. But of course DYOR on them.
I would advise to not keep in USDT for long term hold - for short term trading it is fine since its currently the most used stablecoin and accepted at most exchanges for trading pairs.
This post has been edited by raptor_cZn: Nov 9 2021, 11:00 PM