ISKANDAR PUTERI: The police dispose of almost six years’ worth of seized items, including bitcoin mining machines worth more than RM428,000, that are kept as evidence.

Iskandar Puteri OCPD Asst Comm M. Kumarasan said the disposal of evidence items was divided into four categories: bitcoin mining machines, contraband, gambling, and general items.

“The items involved 304 investigation papers that have been completed and have received court orders for them to be destroyed.

“All the items had been seized from 2019 up until May this year,” he said in his speech at Iskandar Puteri police district headquarters here on Tuesday (June 25).

ACP Kumarasan added that the seized cryptocurrency mining machines, valued at RM232,650, involved four investigation papers.

He said RM174,300 worth of seized contraband items from 48 investigation papers involving liquor, beer and illicit cigarettes would also be disposed of.

“Based on police investigations on contraband items, we found that most of those that buy fake liquors were immigrants working around here.

“I have instructed my men to continue carrying out inspections and operations at premises to put an end to selling contraband items within the Iskandar Puteri area,” he added.

ACP Kumarasan stated that there were 175 investigation papers in the gambling category. The seized items included computers, smartphones, and other electronic devices with a total value of RM18,000.

He added police would also dispose of general items involving 77 investigation papers, including chemical envelopes, a forensics envelope, sharp weapons, and other items worth RM3,500,” he said, adding that the total value of all seized items was RM428,450.

ACP Kumarasan urged the public to continue contacting the police with information on criminal activities in their area by contacting the Johor police hotline at 07-2212999.

Rich Dad Poor Dad author Robert Kiyosaki says most people should sell bitcoin now that the price of the cryptocurrency is “crashing.” However, he affirmed that he is waiting to buy more bitcoin, emphasizing that “all markets go up and down.” The famous author noted that his strategy is similar to Berkshire Hathaway CEO Warren […]

Key diary dates

• Monday 24 – Tuesday 25 June: .7th European Nuclear Safety Conference.

• Thursday 27 – Friday 28 June: European Summit of heads of state in Brussels to set strategic agenda and EU top jobs.

• Sunday 30 June: EU law on cryptocurrency takes effect.

 

In spotlight

The EU’s landmark cryptocurrency law takes effect this week, and it doesn’t look like it’s going to be smooth sailing.

The Markets in Crypto Assets regulation, MiCA, was finalised last year after years of haggling – and represents a world-first.

MiCA adapts financial laws to apply to those trading bitcoin and its ilk, offering a modicum of consumer protection in a sector prone to scams and manipulation.

But industry figures complain the rules are still unclear after being finalised late.  With just days to go until the rules take effect, we haven’t identified a single crypto player that succeeded in being authorised under the provisions set to take effect next Sunday.

The toughest part of the law covers stablecoins, cryptocurrencies which seek a fixed value against assets such as the dollar, which will apply as of 30 June.

EU finance ministers took fright when Facebook announced its own stablecoin, Libra, in 2019. They didn’t want US big tech firms introducing their own currencies that could come to supplant the euro.

Their fears were largely upheld in spring 2022 when another stablecoin, Terra, proved not so stable, sending a tsunami across the sector thanks to a spectacular crash.

Brussels has boasted its new law will keep people safe while promoting innovation – something the bloc sorely needs as it faces up to competition from the US and Asia.

But complying with bank-style laws was always going to be an uphill struggle for an industry that previously faced few regulatory constraints.

Crypto’s had a tough few years, and many of its figureheads are now in jail for charges including fraud and money laundering.

Optimists hope that crypto’s newfound regulatory credibility will draw a line under those scandals, even encouraging more cautious firms from the traditional financial sector to jump on board.

If nobody succeeds in complying, of course, regulation might just kill the sector outright.  

Policy newsmakers

Dutch Hungarians in government

Zsolt Szabó, the candidate for state secretary for digitalisation in the incoming Dutch right-wing government, touted centralised AI as a priority of his mandate last week. Szabó, who has Hungarian roots, was nominated by the far-right Freedom Party of Geert Wilders, but today told lawmakers that “IT isn’t left-wing or right-wing”. Like Szabó, incoming Economy Minister Dirk Beljaarts has a Hungarian mother. Beljaarts told Dutch media last week that he has renounced his Hungarian passport. Szabó said he only has Dutch nationality. Wilders has criticised politicians holding dual nationality in the past.

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