Frequently Asked Questions
Find answers to common questions about using BLOX and MYRC.
General Information
What is MYRC?
MYRC is a digital stablecoin developed by BLOX that is pegged 1-to-1 with the Malaysian Ringgit (MYR). It combines the advantages of blockchain technology with the stability of a fiat currency, providing a secure and reliable digital payment solution in Malaysia.
How is MYRC backed?
MYRC is fully backed by MYR fiat currency held in reserve. For every MYRC token in circulation, an equivalent amount of MYR is securely stored in trustee accounts to ensure stability and 1:1 redeemability.
What are the benefits of using MYRC?
- Stability: Pegged to MYR, avoiding the volatility of other cryptocurrencies.
- Fast Settlements: Faster than traditional interbank transfers for on-chain transactions.
- Cost-Effective: Reduces fees associated with traditional intermediaries.
- DeFi Ready: Use MYRC across various decentralized finance applications on Base, Arbitrum, and Solana.
Can I redeem MYRC for Malaysian Ringgit?
Yes. As a holder of MYRC, you can redeem your tokens for an equivalent amount of Malaysian Ringgit. Through the BLOX platform, you can convert your MYRC back to MYR and withdraw it to your bank account anytime.
Account & Verification
How long does verification take?
KYC verification is typically processed instantly. You’ll be able to proceed with minting and burning MYRC as soon as your identity is confirmed.
Why was my verification rejected?
Common reasons for rejection:
- Blurry or unclear MyKad photo
- Face not clearly visible in selfie
- Information mismatch between documents
- Document appears altered or damaged
To resubmit, go to Settings > Verification and upload new documents.
Can I have multiple accounts?
No. Each user is limited to one account per MyKad. Creating multiple accounts may result in account suspension.
Deposit & Funding
What’s the minimum deposit amount?
- Payment Gateway: RM 10
- Bank Transfer: RM 10
How long do deposits take?
- Payment Gateway: Instant (usually within 1-2 minutes)
- Bank Transfer: 1-2 business days
Why is my deposit pending?
Deposits may be pending due to:
- Bank verification in progress
- Incorrect reference number used
- Payment from non-registered bank account
Withdraw & Redemption
How long do withdrawals take?
Withdrawals are processed within T+1 working day. Requests made after banking hours or on weekends will be processed the next working day.
Can I withdraw to someone else’s account?
No. For security and compliance reasons, withdrawals can only be made to bank accounts registered in your own name.
What if I entered the wrong bank account?
Contact support immediately at support@blox.my. If the withdrawal hasn’t been processed yet, we may be able to cancel it.
Wallet & Transactions
Can I send MYRC to external wallets?
Yes! You can send MYRC to any compatible wallet address on supported networks (Ethereum, Arbitrum, Solana).
What are network fees?
Network fees (also called gas fees) are paid to blockchain validators for processing transactions. Fees vary by network:
- Ethereum: Higher fees, slowest
- Arbitrum: Low fees, fast
- Solana: Very low fees, fastest
Can I recover MYRC sent to the wrong address?
Unfortunately, blockchain transactions are irreversible. Always double-check the recipient address before confirming.
Security
How do I enable 2FA?
- Go to Settings > Security
- Select “Enable Two-Factor Authentication”
- Scan the QR code with an authenticator app
- Enter the verification code to confirm
I forgot my password. What do I do?
Click “Forgot Password” on the login page and follow the email instructions to reset your password.
I think my account was compromised. What should I do?
Immediately:
- Change your password
- Enable/reset 2FA
- Contact support@blox.my
- Check for any unauthorized transactions
Fees & Limits
What fees does BLOX charge?
| Transaction Type | Fee |
|---|---|
| Deposit (FPX) | RM 0.00 |
| Deposit (Bank Transfer) | RM 0.00 |
| Withdraw to Bank | RM 0.00 |
| MYRC Transfer (Base/Arb/Sol) | Network fee only |
| MYRC Transfer (Ethereum) | Network fee only |
What are my transaction limits?
| Limit | Standard | Business |
|---|---|---|
| Daily Deposit | RM 30,000 | RM 1,000,000 |
| Daily Withdrawal | RM 100,000 | RM 1,000,000 |
| Monthly Limit | RM 500,000 | RM 10,000,000 |
Still Have Questions?
Contact our support team:
- Email: support@blox.my
- Response Time: Within 24 hours on business days
For developers, check out our API Documentation.