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How to buy Kusama in Malaysia
Is KSM a good investment in Malaysia?
Kusama was released in 2019 with an initial price of $1.71. It experienced a price drop very soon after its release, but it never dropped less than $1. Kusama crypto owners might have been disappointed with this price, but 2020 was a surprising year for them because the Kusama price suddenly mounted to $14 in July and ended the year at the price of $60. The Kusama price continued to rise until May 2021, when it reached its highest record of $624.78. That shows how profitable Kusama was in only two years. Kusama had many fluctuations in 2022 and dropped to $28 at the end of the year.
The history of Kusama shows it was a profitable investment. However, it won’t guarantee its profitability in the future. Therefore, you need to check other factors to decide if Kusama is a good investment. One thing that can help you have a broader overview of the future of this coin is checking the price predictions that are made by analysts and crypto experts. Most of them believe Kusama might have good days to come, and its price may go up to $225 by 2025. They also predict that in the long-term it might rise more and mount to $600 again by 2030. However, you should notice that these are just predictions. Your decisions shouldn’t be only on these numbers. Check the news about Kusama the day you decide to purchase it.
What is Kusama ?
Kusama is a decentralized cryptocurrency network created in 2019. The main purpose of creating such a network was to enable developers to have their dedicated blockchain on this network. It means the Kusama network is a platform for developers to test the projects that are going to run or implement on the Polkadot network. That’s why Kusama is known as the “Canary of Polkadot network.” Although the codes of both look the same, Kusama is much faster than Dot (Polkadot). Kusama and Polkadot are two completely separate networks that work in parallel. One of the benefits of this network is that users can vote for changes on the platform.
Is Kusama legal to buy in Malaysia
Yes, cryptocurrency is legal to buy, sell and trade in Malaysia. According to an issued guideline
on digital currencies by Malaysia’s central bank, Bank Negara Malaysia (BNM), has stated that
it does not ban cryptocurrency transactions and has issued guidelines for individuals and
businesses to follow when using cryptocurrencies. These guidelines are intended to help ensure
the stability of Malaysia's financial system and to protect consumers from potential risks.
Is Kusama taxed in Malaysia
Yes and no, there is no specific tax law in Malaysia that governs the taxation of cryptocurrencies
as of 12 February of 2023. However, the Inland Revenue Board of Malaysia (IRBM) has issued
Guidelines on Tax Treatment of Digital Currency Transactions indicating that cryptocurrencies
may be subject to tax under existing laws on certain conditions. According to the mentioned
guideline above, The Malaysian Inland Revenue Board (IRBM) has stated that cryptocurrency
transactions are exempt from tax, unless they are conducted regularly or repetitively. This
means that if you engage in cryptocurrency trading on a frequent basis, you will be required to
pay taxes on your cryptocurrency earnings. For businesses involved in cryptocurrency, any
profits generated from these transactions will be subject to income tax, regardless of whether
the profits are received in cryptocurrency or fiat currency. On the other hand, according to the
above-mentioned document, since cryptocurrencies are not viewed as capital assets nor a legal
tender by Malaysian authorities, crypto transactions carried out by individual and occasional
investors are not taxed.
It is worth noting that tax laws and regulations can change over time, so we would recommend
checking with the IRBM or consulting with a tax professional for the most up-to-date information.
After you've bought Kusama in Malaysia
Most people buy cryptocurrencies to keep them as an investment. Kusama is not an exception. You can keep them in a secure wallet and sell them whenever their price rises. However, this is not as simple as it is in theory. You need to check its price every day to make sure it is growing or find out when it is the right time to sell. If you are a beginner in this world, we suggest you invest as much as you can afford to lose because the cryptocurrency world is volatile and unpredictable. Furthermore, it is better to consider an exit point for your investment to avoid losing money in case the coin didn’t do as well as you thought.
As mentioned earlier, investment is not the only thing you can do with Kusama coins. KSM is a governance token; KSM owners can use their coins to validate the network, vote on changes on the platform, and nominate validators. In addition, the KSM cryptocurrency can be used for linking to support new parachains.
Who can buy Kusama in Malaysia
In Malaysia, there are no restrictions on who can buy cryptocurrency. The best way to purchase
cryptocurrency in Malaysia depends on individual circumstances and preferences. The most
widely used method is through a digital asset exchange platform like ours. Our platform offers a
secure and reliable option for individuals looking to buy cryptocurrency in Malaysia. Our
exchange adheres to the law and provides a variety of payment options, including credit card,
debit card, bank transfer, PayPal, Apple Pay, and Google Pay, without incurring exchange
transaction fees. On our platform, individuals have the capability to buy, sell, and trade
cryptocurrency tokens. As with any investment, it's important to thoroughly research and
understand the market before investing in cryptocurrency. It's also a good idea to consult with a
financial advisor or expert in the field to help you make informed decisions.
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Frequently asked questions
Many analysts have predicted a bright future for Kusama. They believe its price may rise, and it could be a good investment for people who buy it when the price is dropped. Its history also shows it was a profitable investment before. However, Kusama is a volatile and unpredictable crypto like other cryptocurrencies; anything may affect its future.
The use of cryptocurrency as a form of payment in Malaysia is not widely accepted. While some
businesses may accept cryptocurrency as payment, it is not yet a common method of payment
in the country. The central bank, Bank Negara Malaysia (BNM), has issued guidelines for
individuals and businesses to follow when using digital currencies, including cryptocurrencies,
but has not yet issued any specific regulations regarding their use as a form of payment.
It's important to keep in mind that the use of cryptocurrency as a form of payment is still in its
early stages and may not be accepted by all businesses. Before making a purchase with
cryptocurrency, it's a good idea to check with the merchant to see if they accept it as a form of
Yes, you can cash out your cryptocurrency assets in Malaysia. You have the option to convert
your cryptocurrency holdings into Euros through our digital asset exchange platform. Once the
sale is complete, you may withdraw the funds to your bank account or use them for other
transactions as per your requirement.
The Kusama coin was released in October 2019, the same time as its network was created.
The adoption of cryptocurrency and the number of people owning crypto assets can vary greatly
and is subject to change. Additionally, the ownership of cryptocurrency is often not publicly
disclosed, making it difficult to determine the exact number of people who own these assets.
However, it is estimated that over 1 million people, 3.1% of Malaysia’s total population, currently
Gavin Wood is the founder of Kusama and Polkadot. He was one of the co-founders of Ethereum, who left the company in 2015. Therefore, he was completely familiar with the cryptocurrency world. He created the Kusama network in 2019.