The Malaysian government is considering the possibility of creating a cryptocurrency policy that could recognize the industry and modernize the nation’s financial system.

Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim discussed a potential crypto regulatory framework with officials from Abu Dhabi and Changpeng “CZ” Zhao, the founder and former CEO of Binance, one of the world’s largest cryptocurrency exchanges. This news was reported by the New Straits Times on Sunday.

Anwar emphasized the need for Malaysia to adopt cryptocurrency-friendly regulations to keep pace with global financial developments.

A “Radical Departure from the Old Ways”

“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance,” Anwar reportedly told NST at the end of his three-day official visit to Abu Dhabi.

“This is an evolution which happens quickly and requires us to be equally fast. We feel that Malaysia should not be left behind while mired in an old financial system,” he said, adding:

“This will be a radical departure from the old ways.”

Policy Changes Would Require Comprehensive Government Studies

Anwar said policymakers in the United Arab Emirates feel they can forge close cooperation with Malaysia to help the country formulate its crypto-regulating approach.

“We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy,” he said.

Once the policy takes off, further comprehensive studies from several Malaysian authorities, including the Treasury, the Securities Commission, and Bank Negara Malaysia, would be required to address concerns, Anwar added.

“As with all new ideas raised, there will be some concerns. We have to train our personnel, develop competency, and get the players to participate.”

Recent Industry Scrutiny from Malaysia’s Securities Regulator

Anwar’s call to establish crypto-friendly regulation in Malaysia follows recent industry scrutiny from the country’s securities regulator.

On Dec. 27, Malaysia’s Securities Commission ordered major crypto exchange Bybit to cease operations in the country, accusing it of running an unregistered digital asset exchange.

The move came shortly after the same regulator added the crypto wallet service Atomic Wallet to its investor alert list of firms that are prohibited from operating in the country on Dec. 23.

An Excerpt from Malaysia’s Securities Commission’s Investor Alert List

In addition to Atomic Wallet, the alert list currently includes major industry firms such as Paxful, KuCoin, and MEXC, indicating that these platforms have operated an unregistered crypto exchange in Malaysia.

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The post Malaysia Is Evaluating Its Cryptocurrency Policy By Discussing With The UAE and CZ appeared first on Coin Engineer.

Following court orders, the Perak Tengah district police reported in the Malaysia Gazette that on Monday they smashed the rigs using a steamroller. From 2022 until this past April, the equipment was seized during enforcement activities.

The most recent warnings and enforcement actions by the government coincided with a larger crackdown on power theft concerns connected to bitcoin miners. Sepang district police reported last week that seven people were arrested for allegedly running bitcoin mining operations with stolen electricity.

Deputy energy transition and water transformation minister Akmal Nasrullah Mohd Nasir claimed last month that between 2018 and 2023, crypto miners in Malaysia pilfered at least RM3.4 billion ($777 million) worth of electricity.

From China, which outlawed all crypto mining activities in 2021, crypto mining operations have progressively shifted to the U.S. and other countries such as Malaysia, Indonesia, Laos, and Thailand. Southeast Asian countries draw miners because of their competitive energy rates, trained workforce, and current infrastructure.

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The post Malaysia Smashes 985 Bitcoin Miners Amid Crackdown appeared first on Coin Engineer.

The national news agency of the nation, Bernama, reported on Saturday that last week, three local citizens and four foreign individuals were seized and imprisoned separately under suspicion of stealing electricity to run their bitcoin mining activities.

According to the newspaper, Sepang District Police Chief ACP Wan Kamarul Azran Wan Yusof noted that these people had no past criminal histories, and the police sought to “detect illegal bitcoin mining activity that involved electricity theft.”

The local police also mentioned that they confiscated 52 bitcoin mining facilities and other electronic equipment, with an approximate worth of 250,000 Malaysian Ringgits (57.000$).

The law enforcement activity coincided with a larger campaign against power theft related to bitcoin miners. Deputy energy transition and water transformation minister Akmal Nasrullah Mohd Nasir claimed last month that between 2018 and 2023, crypto miners in Malaysia pilfered at least RM3.4 billion ($777 million) worth of electricity.

From China, which outlawed all crypto mining operations in 2021, crypto mining activities have progressively shifted to the U.S. and other countries such as Malaysia, Indonesia, Laos, and Thailand. For miners, the Southeast Asian countries appeal because of their competitive electricity rates, trained workforce, and current infrastructure.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Malaysian Police Arrest 7 for Bitcoin Mining Theft appeared first on Coin Engineer.