News
A Malaysian energy supplier uncovered an illegal cryptocurrency mining operation stealing power from the local grid on the island nation of Borneo.
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Malaysia News
Malaysia is a federal constitutional monarchy in Southeast Asia with a population of 32 million and an area of 330 kilometers. Malaysia has a recently industrialized market economy with a relatively fast GDP growth and a highly competitive market. Malaysia is considered to be attractive for foreign investments as it has a highly diversified and robust economy. The Malaysian economy is a producer of such export goods as electronic products, petroleum, chemicals, machinery and scientific equipment that are mostly sold to Singapore, China and Japan. The Malaysian government has issued no Bitcoin regulations. Malaysia allows Bitcoin mining and trading with no restrictions. However, the Central Bank of Malaysia issued a statement that Bitcoin is not considered to be legal tender and its users are poorly protected from fraudulent schemes and operational risks.
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Securities Commission Malaysia has ordered Huobi Global to stop all activity after failing to register to operate in the country.
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More proposals and currency concepts are emerging as Asia ramps up its efforts to distance itself from U.S. dollar hegemony.
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Expected to launch in early 2023, Kenanga’s crypto-friendly super app will feature digital investment management, e-wallet, FX, stock trading and other services.
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The Securities Commission of Malaysia says Huobi is operating without official registration from local regulators.
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Similar to countries like Indonesia, Malaysia has not banned crypto trading but the government doesn't want to adopt crypto for payments.
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Malaysia’s finance minister previously warned that crypto payments were illegal, as they did not meet the universal characteristics of money.
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Binance has forged an array of new partnerships with regulated firms, especially in countries where it has found it difficult to get regulatory approval.
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The firm selected the Polygon blockchain for its low transaction fees and fast transaction time.
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The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank digital currencies.
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Launched in late 2020, Cambodia’s digital money project Bakong reached 200,000 users in June, doubling from three months earlier.
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The crypto exchange has been served with a notice to stop offering its services in the country.
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It’s unclear why authorities outright destroyed the miners rather than attempting to reap some value, but they could still be sold for scrap.
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The new ASEAN Blockchain Consortium aims to engage with regulators to ensure compliance and raise industry awareness.
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The BCMG Genesis Bitcoin Fund-I will be available to accredited Asian investors.
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