Sabah land deal secured in bitcoin

Tourism entrepreneur Alexander Yee had agreed to sell the parcel to his friend Polycarp Chin for half a bitcoin (worth roughly RM38,000 at the time of the agreement)


BEAM Team

12 Jan, 2018

Sabah land deal secured in bitcoin | BEAMSTART News

- From our Sponsors -

A Sabahan businessman had secured the sale of a 1.22ha piece of land on Libaran Island for half a bitcoin, in a transaction that is likely the first of its kind in Malaysia.

Tourism entrepreneur Alexander Yee had agreed to sell the parcel to his friend Polycarp Chin for half a bitcoin (worth roughly RM38,000 at the time of the agreement), who placed a 10% deposit on the land worth 0.05 Bitcoin (RM3,883.25), reported The Star today.

“It’s a new way of transferring money,” said Yee at the signing ceremony of the sale and purchase agreement, which entailed Chin making the payment via his Luno wallet directly into Yee’s wallet.

Following the signing ceremony — which was witnessed by a third party — the sale and purchase agreement will be sent to a lawyer for certification before an application to transfer the land ownership is made at the Sandakan land office.

Once the transfer is done, the remaining 0.45 bitcoin will be paid.

“I do not see a problem as we have a value of the land in ringgit and necessary stamp duty fees would be paid based on the value stated,” said Yee.

The deal possibly heralds a new level of acceptance for the cryptocurrency in Malaysia.

The entrepreneur — who is a resort operator, turtle conservationist and owner of the sustainability-themed Rumah Terbalik (Upside Down House) in Kampung Bantayan-Telibong, just outside of Kota Kinabalu — said Chin decided to buy the land as he wanted to get involved in turtle conservation.

They note while Bank Negara Malaysia has not drawn up clear guidelines on cryptocurrencies, neither has it banned outright trading of such currencies.


Author Info:
This article was first published on EdgeProp


Related:

- From our Sponsors -

Latest Jobs

Founding Engineer

just words

California,

Full Time

USD 100000 — USD 180000 yearly

Business Development (Sales) Internship

Swipe

Telangana,

Internship

USD 450000 — USD 550000 yearly

Founding Frontend Software Engineer

Vapi

California,

Full Time

USD 150000 — USD 300000 yearly

Founding Engineer

Bloom

Zurich,

Full Time

USD 100000 — USD 150000 yearly

Founding Engineer

Nowadays

California,

Full Time

USD 110000 — USD 170000 yearly

AI Engineer

Mercura

Bavaria,

Full Time

USD 60000 — USD 80000 yearly

Founding Engineer (Backend)

Pally

California,

Full Time

USD 120000 — USD 240000 yearly

Account Executive

Novoflow

California,

Full Time

USD 200000 — USD 250000 yearly

Sales Development Representative

Usul

California,

Full Time

USD 70000 — USD 150000 yearly

Senior Software Engineer

Crustdata

California,

Full Time

USD 150000 — USD 220000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2025 BEAMSTART. All Rights Reserved (Legal).