A covert cryptocurrency mining operation, suspected of electricity theft, was uncovered in a Marina Square shophouse in Miri, Malaysia. Representatives from the Sarawak police and Sarawak Energy plant revealed that the successful operation was made possible by a tip-off from the public. Malaysia’s Sarawak Energy and Police Uncover Illegal Crypto Mining Camp in Miri The…
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Malaysia’s newest crypto fund management firm, Halogen Capital, has been launched by the entrepreneurs behind the local fintech player Jirnexu. The new firm already offers a spot Bitcoin (BTC) fund and a lower-risk Income Fund denominated in Malaysian ringgit, with a spot Ethereum (ETH) fund coming soon. The firm also offers custom-designed investment portfolios as…
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On May 29, Huobi HK announced its expansion of services after Hong Kong implemented its new crypto exchange license system. The platform now provides spot and custodial services to both retail and institutional customers in Hong Kong. Huobi’s update comes shortly after Huobi Global faced regulatory hurdles in Malaysia, where authorities prohibited the operation of…
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Malaysian police have swooped on what they suspect to be an illegal, international USDT-powered crypto exchange. Forty people were arrested. The exchange was allegedly allowing Mainland Chinese citizens to trade USDT for cash. Per the Malaysian media outlet Oriental Daily, the bust was co-conducted by the police’s commercial crime investigation team and the National Financial…
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The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S.…
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An idea to establish an Asian Monetary Fund has caught the attention of the Chinese leadership, the head of the Malaysian government revealed. The prime minister believes there is no reason for his country, which is hurting from a strong U.S. dollar, to remain dependent on the greenback. Malaysia Prepares to Trade With China in…
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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. China and Malaysia are considering moving forward on discussions regarding an Asian Monetary Fund as distancing from U.S. dollar hegemony becomes a greater priority in the region. On April 4, Malaysian Prime Minister Anwar Ibrahim…
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The government of India has announced that it will facilitate the settlement of international transactions using its national currency, the rupee. As part of its foreign trading policy framework implemented on April 1, the country introduced this measure to facilitate payments for countries experiencing a U.S. dollar crush. India to Offer Rupee-Based Settlement Options for…
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In the past two years, law enforcement authorities in Malaysia have arrested hundreds of individuals for theft of electricity allegedly used to mint digital currencies. The country’s police force has also confiscated equipment worth millions of dollars. Malaysia Police Announce Results From Crackdown on Illegal Mining Since 2020, Malaysian authorities have detained a total of…
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Malaysia’s deputy finance minister has clarified that the government will not adopt cryptocurrency as legal tender. “Cryptocurrencies like bitcoin are not suitable for use as a payment instrument due to various limitations,” he said. Bitcoin Will Not Be Legal Tender in Malaysia, Says Deputy Finance Minister Following reports that a high-ranking government official has proposed…
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