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Utility tip-off sees Malaysian police seize 1,773 BTC mining rigs

By Carine Lee

08:44, 25 April 2022

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Illustration of ASIC miner rig
1,773 BTC mining machines were seized by the Malaysian police – Photo: Shutterstock

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.

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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.

XRP/USD

0.41 Price
+2.240% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00405

BTC/USD

17,104.75 Price
+3.680% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 66.00

US100

11,944.90 Price
+3.820% 1D Chg, %
Long position overnight fee -0.0166%
Short position overnight fee 0.0059%
Overnight fee time 22:00 (UTC)
Spread 1.9

Oil - Crude

80.72 Price
+2.180% 1D Chg, %
Long position overnight fee -0.0095%
Short position overnight fee -0.0042%
Overnight fee time 22:00 (UTC)
Spread 0.04

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.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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