Utility tip-off sees Malaysian police seize 1,773 BTC mining rigs
By Carine Lee
08:44, 25 April 2022
Crypto payment provider Triple A may estimate that 3.1% of Malaysians, or just over one million people, own cryptocurrency but that enthusiasm is not matched by the authority’s enthusiasm for BTC mining.
The Malaysian police recently disposed of 1,773 bitcoin machines and masses of equipment seized in a special operation with Tenaga Nasional (TNB), the country’s main electric utility company.
Bitcoin to US dollar (BTC/USD)
Kedah state police chief, Commissioner Wan Hassan Wan Ahmad said the bitcoin machine with the disposed equipment was the result of 38 raids carried out at 21 locations around the Kota Setar district.
According to him, the raids were carried out at the locations after the premises involved were detected committing electrical theft, tampering with electricity meters or electrical connections as well as damage to meters, appliances or installations and electricity supply lines.
What is your sentiment on BTC/USD?
BTC unlikely to become legal tender in Malaysia
“Among the confiscated items that will be disposed of include 1,773 units of bitcoin mining machines, 14 units of modems and 37 units of desktops.”
Commenting further, Wan Hassan said, the disposal of bitcoin mining machines together with equipment for 21 investigation papers was made after the inquiry under Section 407 of the Criminal Procedure Code was approved by the Alor Setar Magistrate’s Court.
Unlike Mexico, Malaysia has no intention of recognising cryptocurrencies as legal tender, deputy finance minister I Shahar Abdullah said in Parliament in March.
He said this was mainly due to the volatility of digital currencies and the risks from hackers, among others, according to a Bloomberg report.
Malaysia has ‘comprehensive’ crypto laws
However, John Sidoli, head of compliance at local digital exchange Sinegy says Malaysia’s regulatory regime is progressive and relatively strict but fair.
“The Securities Commission Malaysia was the first securities regulator in the ASEAN region to develop a comprehensive regulatory framework (under the recognised markets section of the Capital Markets and Services Act) for digital assets,” he recently told Capital.com.
Markets in this article
