96Ace Online Casino and the Cryptocurrency Trend in Malaysia
The new decade has brought a new form of currency that is helping to make people rich all over the world. Cryptocurrency has made its way onto the online casino scene in Malaysia, with 96as being the first in the local market to use crypto in the form of Bitcoin. Bitcoin has made transactions much easier, and it has a high value which brings more fortune to players. New and seasoned players, read on to learn more about cryptos and how to use them at 96Ace, Malaysia’s top online casino.
Introduction to cryptocurrencies
Cryptocurrency comes from the word “crypto”, derived from encryption techniques for securing networks. In short, cryptocurrency is digital money protected by cryptography, an act that makes the money impossible to counterfeit or double spend. Cryptos are generally classified into two main categories: “coins” and “tokens”. The cryptocurrency algorithm works in a decentralized system in which the national banks of each respective country do not regulate them. The decentralized system is based on blockchain technology – a distributed ledger enforced by a diverse network of computers. Today, the most widely used and popular cryptocurrencies are Bitcoin, Ripple, and Ethereum.
Bitcoin: the number one cryptocurrency on casino sites
Today, Bitcoin is the most well-known and widely used cryptocurrency in the world for deposits and withdrawals. The origin of Bitcoin is shrouded in mystery. Abbreviated as BTC, Bitcoin was created by the mysterious Satoshi Nakamoto in 2009. Compared to other traditional payment methods such as bank transfers, it offers low transaction fees. As stated above, Bitcoin runs on blockchain technology and is decentralized, so no central bank regulates them. The blockchain is currently used on many betting sites around the world, including 96Ace.
Cryptocurrency trend in Malaysia
“Bitcoin is not recognized as legal tender in Malaysia. The Central Bank does not regulate Bitcoin transactions. Therefore, the public is advised to beware of the risks associated with the use of this digital currency. – ( Bank Negara Malaysia, 2014)
Malaysia’s latest cryptocurrency law reenactment has planted digital currencies in a gray area of the country. The Malaysian Securities Commission (SC) has further clarified that cryptocurrencies such as Bitcoin are neither legal nor regulated by Bank Negara Malaysia.
However, it is not considered dangerous as Bitcoin is regulated in Malaysia through the promulgation of the Capital Markets and Services (Prescription of Securities) Ordinance 2019 (digital currency and digital token). These orders ensure that all digital currencies and digital tokens meet the stipulated criteria for a secure transaction by users.
SC has published its 2020 Digital Assets Guidelines pursuant to the 2019 Order. It sets out the requirements for transaction, operation, exchange and possession of digital currency or token owned by a single person or account management from another person. Additionally, SC has the right to waive specific requirements stated in the guidelines upon request.
According to law.asia, the court held that although cryptocurrencies are not legal tender in Malaysia, crypto trading is not illegal. Additionally, fiat currency has been used to buy cryptocurrency, and there are values attached to cryptocurrencies similar to values attached to stocks. Therefore, the court classified cryptocurrency as a commodity.
As much as the gray area of cryptocurrency is of concern, the world is progressing with the growing use of cryptos, which means people are accepting it as a new normal for transactions. Therefore, the current regulations governing digital assets have received a positive response from all walks of life, which signifies the growing acceptance of cryptocurrencies by Malaysia. People should always be careful when using cryptocurrencies, regardless of the growing popularity. They have a volatile nature and a decentralized system, which means a lack of security and insurance measures to keep money safe.
Playing with cryptocurrency in Malaysia
Here are the essential steps that every player should know before performing online gambling/betting with cryptocurrencies:-
Choose the right cryptocurrency
Bitcoin and Ethereum are the most widely used cryptocurrencies in the world, and their widespread popularity, reliability, and security make them the top choice for online casinos.
The Crypto Digital e-wallet
A digital e-wallet can do wonders. Sign up for reliable crypto e-wallet service mobile apps compatible with all mobile devices (running Android and iOS). Look for those with an advanced exchange feature that allows instant transaction of cryptocurrencies in various currencies of your choice, such as Malaysian Ringgit (MYR) and US Dollar (USD). If it doesn’t come with a swap function, don’t worry; you can still buy bitcoins at BTC ATM.
After purchasing your cryptocurrency, you can transfer the funds to your casino account and start playing your favorite casino games. Playing 96Ace with Bitcoin entitles you to free credit, free bonus, wager, chips, spins, spins and even a welcome bonus on your first deposit. Moreover, you can hit the jackpot when betting with Bitcoin.
Play with Cryptos at 96Ace Malaysia
96Ace is the first online casino in Malaysia that uses cryptocurrencies, with a focus on Bitcoin. You can use Bitcoin to bet on all your favorite games in 96Ace, such as live casino table games (Roulette, Blackjack, etc.), sports betting/sports bettingslot machine games, 4D lottery, etc.
Bitcoin offers a lot of convenience to users as they can place their bets and receive payment easily through a decentralized system. Bitcoin is the latest addition to 96Ace’s payment options: bank transfers, credit/debit cards, and e-wallet. This increases transaction flexibility, making 96Ace a very convenient online casino site.
Although cryptocurrency is still in a gray area in Malaysia, it is already widely accepted by its netizens and its popularity continues to grow. It will be a widely accepted form of financial transaction in global standards in no time. The world is progressing rapidly with every passing second; Before we know it, cryptocurrency could become the world’s leading currency. So start your crypto adventure now with 96Ace Malaysia!