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[Global Times Comprehensive Report] According to Malaysia's Sin Chew Daily on the 18th, illegal electricity theft for cryptocurrency mining has been rampant in Malaysia in recent years, causing huge losses to Malaysia.

Data shows that from 2018 to June this year, Malaysia's national energy company received about 11,600 reports of electricity theft for cryptocurrency mining, involving a total amount of 3.7 billion ringgit (about 6 billion yuan). The company has announced a reporting hotline, calling on the public to actively report related illegal activities. The Defiant, which focuses on news in the blockchain financial field, sorted out last month that the Malaysian authorities have been cracking down on cryptocurrency mining activities since at least 2019. To strengthen the warning effect, in July 2021, the authorities dispatched a road roller to publicly crush more than 1,000 "mining machines" used for "mining coins."

According to the technology news website Gadgets360, in Malaysia, cryptocurrencies cannot be used as a means of payment, but they can be legally traded, and related transactions are considered similar to securities transactions and are subject to tax. However, in practice, tax evasion in cryptocurrency transactions is very serious.

In the middle of this year, the Malaysian government launched a special campaign to combat tax evasion in cryptocurrency transactions. The Malaysian government pointed out that by strengthening tax enforcement, cryptocurrency transactions can be effectively tracked to prevent cryptocurrencies from being used for illegal activities. According to the Statista data statistics website, the size of the cryptocurrency market in Malaysia is expected to reach more than US$300 million by the end of this year, and there are currently about 3 million Malaysians active in the cryptocurrency field. (Zhen Xiang)