Some answers in the front page. Basically, nobody can answer you that because the government and LHDN does not have a stand on this particular issue. Some say it would be good to consult your own tax consultant, if you have one.....

They can't claim it is illegal if there is no law against it in the first place.
However, as we all know, in Malaysia, the authorities can make life pretty miserable for you if they really want to.
So, as others have already mentioned, just keep your transactions to below RM50k each.

And when you are selling bitcoins in Malaysia, for example on Luno or XBit Asia, basically you are selling a digital asset within Malaysia, to someone inside Malaysia, and getting the payment in Malaysian Ringgit, and then withdrawing from the exchange's Malaysian bank account to your own Malaysian bank account.
At no time does the money travel outside of Malaysia, so there is no remittance to talk about here.

Even if you wanted to "declare" your income, how do you do that? In the income tax filing form, what do you declare cryptocurrencies as?
As it is right now, cryptocurrencies are a grey area......it is not a legal tender currency, not real estate, not stocks/bonds, not intellectual property......
So unless and until the government (efficient as they are) come up with clear guidelines and probably update an existing Act legally, there is no way for them to tax you.

Remember that capital gains are not taxable in Malaysia.
Selling a bitcoin in Malaysia is no different from selling your mint-condition vintage Pokemon collectible cards to your friend at a profit.......i.e. not taxable.

https://www2.deloitte.com/content/dam/Deloi...lights-2017.pdf

My bank have queried me twice recently- for depositing RM20K cash and doing an overseas remittance for RM25K. I have nothing to hide as the transactions are not illegal so nothing to worry. I guess banks are just playing it safe unless you are Jho Low or MO1, then billion billion also OK. 

I would like to know this as well.

they specifically gave 2 banks which are CIMB and Maybank as prominent options, so I used CIMB... mana tau it's also so slow zz
i just opened at CoinHako and right now pending verification, but ya you're right, can't seem to transfer MYR anymore wth... pointless in opening then

mine really sloww...already ask cimb.they said if after 5pm..will be updated before 11am next day..so slow...now i want to change for maybank..as got some forumer only need 15 minutes..i transfer 2 times at 1am..now 11am..nothing yet..

not sure either luno or cimb slow..but i upgrade my L1 to L2..only 15 minutes..so its cimb the problem here

Cimb also?..will upgrade to level 3 today..thanks for the tips

how long did they take to verify your lvl3? im about to do soon
did you go from level 1 to level 3 stright?
they took 4 working days (not including weekend) to verify my lvl2 about 2 weeks ago,
so you saying they five priority to users? when did you do it? recently or months ago?

Good news! CoinHako has just informed me that their Malaysia bank account will be ready within these 2 weeks. Any more updates will let you know. You can easily trade ETH using fiat there.

just registered coinbase, cannot wo the system know my computer location is in malaysia

[attachmentid=8978141]

any1 got way to solve this ?

i go try coinhako 1st

Just tried to got verify form level2 to lvl3 in few hours, surprise it was this fast.
previously took 4 working days to get from lvl1 to lvl2.
that is fast, was this recently?
about 2 weeks ago, i went from lvl1 to lvl2, submitted my ic, website said upto 2 working days, then i got email say upto 5 working days, as busy.....

it was offered before but now suddenly stopped offering. i wonder why

how can u have a singapore account?

Guys, quick question.
Does Luno impose any limit on Bitcoin that can be sent or received?
I know they do impose on the fiat currency withdrawal and deposit base on level, but, what about sending and receiving bitcoin?
If I send coin that worth more than 300k, will that be a problem?

Thanks.