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Malaysian Launches ‘Ops Token’ to Combat Crypto Tax Evasion

Published 06/17/2024, 11:30 PM
Updated 06/18/2024, 12:15 AM
Malaysian Launches ‘Ops Token’ to Combat Crypto Tax Evasion
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  • Malaysia’s Inland Revenue Board (IRB) partnered with law enforcement to investigate tax revenue leakage from crypto transactions.
  • The IRB uncovered significant undeclared cryptocurrency trading data.
  • The IRB urges crypto traders to declare taxes to avoid legal action.

Malaysian authorities have launched a crackdown on cryptocurrency-related tax evasion, conducting a nationwide operation to uncover undeclared income from digital asset transactions.

The security sweep, code-named Ops Token, involved 38 personnel from the Royal Malaysia Police and Cybersecurity Malaysia (CSM), who simultaneously investigated 10 locations in the Klang Valley.

In a recent press release, the IRB stated:

Through the operation, cryptocurrency trading data stored in mobile devices and computers were found, and we successfully identified the value of digital assets being traded, which caused a very significant leakage of tax revenue.”

The agency added that the seized data will be analyzed to determine the value of the cryptocurrency assets traded and profits generated from the activity, thus identifying the true value of tax leakage that was never declared to the IRB.

The post Malaysian Launches ‘Ops Token’ to Combat Crypto Tax Evasion appeared first on Coin Edition.

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