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But the recipient is unwilling to open any crypto related accounts...
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Is there any other way currently? Or must I wait for the industry to mature further?
I believe the industry is already mature enough for this transaction, but your friend is not.
If you have a bank account in Malasya, you could transfer the funds from a Malasya crypto exchange to your bank account (but you probably don't have a bank account there, right?).
You need someone with a verified account in malasya to withdrawal the funds in the local fiat currency.