Basing on the replies of the majority, Malaysia is not as crypto friendly as compare to its neighbouring nations. So it's better to look for alternative countries like Singapore, and as far as I know, a lot of ICO projects are headquarter or at least have a physical office in Singapore so that says that it is crypto friendly and a safe haven.

So regarding your second question, there will be no incentives, on the contrary you may be facing a lot of difficulties and barriers if you choses to open up crypto related business in Malaysia.