To prevent tax dodging in the crypto industry, Malaysia’s tax authority (IRB) has launched “Ops Token.” This operation, with help from the police and cybersecurity experts, targeted businesses in the Klang Valley suspected of hiding their crypto transactions.
Details of the Operation
Ten locations were raided to prevent “tax revenue leakages” from crypto exchanges. The IRB found that many businesses failed to report their crypto transactions properly.
The IRB will analyze the data to find the value of crypto assets traded and profits made. This will help them estimate the amount of tax that should have been paid.
Warning to Crypto Traders
The IRB has warned all crypto traders and businesses to follow Malaysia’s tax laws or face punishment. The IRB’s CEO said that this operation will improve Malaysia’s tax system and bring in more revenue.
Global Crypto Tax Approaches
Other countries are also taking action against crypto tax evasion. Australia is monitoring crypto accounts for discrepancies. Turkey, on the other hand, is considering a small transaction tax on crypto assets. However, some experts worry that even a small tax could hurt the crypto market.
