Malaysia

The situation of illegal cryptocurrency mining in Malaysia is spiraling out of control, as Tenaga Nasional Berhad (TNB) – the largest national power company in the country – reported a nearly 300% increase in electricity theft cases from 2018 to 2024.

From 610 cases in 2018, the number of electricity theft cases for cryptocurrency mining has increased to 2,397 cases in 2024, causing hundreds of millions of USD in damages and putting the national power grid in a state of overload.

In Malaysia, there has been a sharp increase in electricity theft related to illegal cryptocurrency mining. According to the country's largest energy company TNB, the number of such cases has risen by 300% over the last six years: from 610 in 2018 to 2397 in 2024. This creates a serious burden on the power grid, resulting in losses of hundreds of millions of dollars. TNB is actively combating the issue by implementing smart meters to monitor and detect illegal consumption. During raids, law enforcement found numerous mining farms using stolen electricity to mine bitcoins. Similar problems are observed in other countries, such as Kuwait. Experts note that the growing popularity of cryptocurrencies stimulates such crimes, as miners seek cheap sources of energy. Malaysia is tightening measures against illegal mining to protect its energy infrastructure.

The implementation of the new Social Media Regulation Law in Malaysia, which requires platforms with more than 8 million users to obtain licenses, not only affects tech giants like Google, YouTube, and X (formerly Twitter), but also has significant repercussions for the cryptocurrency market, investors, and the global economy. Below are key data points:
Cryptocurrencies Under Regulatory Radar:
The growing global regulation of technological platforms could extend to the cryptocurrency market. If governments require similar licenses for cryptocurrency exchange platforms, costs and bureaucracy could increase, restricting accessibility for retail investors and affecting the decentralization that characterizes the sector.

A large explosion in Bandar Puncak Alam has uncovered an illegal Bitcoin mining facility, raising concerns about the increasing electricity theft for cryptocurrency mining in the country.
🔥 Details of the incident
The explosion occurred on Tuesday morning, when smoke and flames erupted from a house on Lorong Cekara Purnama, forcing local residents to call emergency services at 11:41 AM.

#Malaysia ’s Prime Minister Datuk Seri Anwar Ibrahim recently met with #Binance founder Changpeng Zhao and UAE officials to discuss potential crypto regulatory frameworks, the New Straits Times reported Tuesday.
The discussions, which took place during Anwar’s three-day official visit to Abu Dhabi, centered on establishing policies that could recognize the crypto industry and modernize Malaysia’s financial system.
“I had lengthy discussions with the Abu Dhabi leadership and Changpeng Zhao, co-founder of the world’s largest cryptocurrency platform, Binance,” Anwar said, adding that he has urged the central bank and Treasury to study digital finance to avoid being left behind and protect the public interest.
“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,” the PM noted.
The PM stated that the initiative would mark “a radical departure from the old ways.” UAE policymakers expressed willingness to collaborate with Malaysia in developing its crypto regulatory approach.
“We need to discuss this in detail, leave behind the old business model and give meaning to this digital finance policy,” Anwar stated.
Malaysian authorities, including the Treasury, Securities Commission, and Bank Negara Malaysia will conduct thorough studies before any policy implementation, according to the PM. He also noted potential concerns and the need to train personnel and develop competency in this area.
State of digital assets in Malaysia
In Malaysia, the ringgit remains the sole legal tender. While not recognized as legal tender, digital assets are finding a place within the existing financial framework. They’re categorized as securities under the Capital Markets and Services Order, bringing them under the purview of Malaysian financial regulations.
Oversight of cryptocurrencies is shared between Bank Negara Malaysia and the Securities Commission. The central bank handles general crypto matters, while the securities regulator regulates digital currencies classified as securities.
Last June, the Inland Revenue Board launched “Ops Token” to address tax evasion related to crypto trading, conducting raids across 10 locations in the Klang Valley. The IRB reported uncovering crypto trading data on devices, leading to the identification of substantial tax revenue leakage.
Beyond tax concerns, authorities have been combating illegal cryptocurrency mining operations that rely on stolen electricity. Estimates from the Deputy Energy Minister put the cost of this illegal activity at roughly $723 million in stolen electricity between 2018 and 2023.
Despite efforts to regulate crypto assets, experts note that Malaysia’s legal framework still lacks transparency and consistency. There are calls for more comprehensive legislation tailored specifically to digital assets.
#CZBİNANCE #MicroStrategyAcquiresBTC #BTC @CZ

Former Malaysian Prime Minister Abdullah Badawi passed away on April 14, at the age of 85, after many years suffering from dementia.
His son-in-law, former health minister Khairy Jamaluddin, shared the news on Instagram, stating that Tun Abdullah passed away at the National Heart Institute (IJN) in Kuala Lumpur at 7:10 PM.
IJN reported that Malaysia's fifth prime minister, affectionately known as "Pak Lah," was hospitalized on the morning of April 13 after experiencing respiratory issues and was placed in the intensive care unit in the cardiology department.