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.
The crypto exchange has been served with a notice to stop offering its services in the country.
Binance banned in Malaysia, given 14 days notice to shut down operations
It’s unclear why authorities outright destroyed the miners rather than attempting to reap some value, but they could still be sold for scrap.
Malaysia is literally crushing thousands of illegal Bitcoin miners
The new ASEAN Blockchain Consortium aims to engage with regulators to ensure compliance and raise industry awareness.
New ASEAN blockchain consortium targets cross-border cooperation
The BCMG Genesis Bitcoin Fund-I will be available to accredited Asian investors.
Southeast Asia's first Bitcoin fund launches to meet local institutional demand
Malaysian financial services firm Kenanga Investment Bank Berhad is getting into digital assets.
Major Malaysian financial firm to invest in regulated crypto exchange
After an earlier attempt, China Construction Bank has gone back to the drawing board with new partners and a new proof-of-concept for a blockchain-based bond.
China Construction Bank’s blockchain bond efforts take a new direction
The new entity is called Huobi Labuan, and its brokerage license allows it to offer crypto spot and derivatives trading for an initial nine-month trial period.
Huobi launches regulated crypto exchange in Malaysia