The Royal Police and the Malaysian Cyber Security Service (CSM) simultaneously raided tax evaders in ten different locations in the Klang Valley. The region includes the federal states of Kuala Lumpur and Putrajaya, as well as several cities and towns in the state of Selangor.
“During the operation, numerous data was discovered stored on mobile devices and computers, which confirm the facts of shadow trading in digital assets. The data obtained will be analyzed in detail to obtain the total value of traded cryptocurrency assets and determine the true extent of tax evasion, as well as the extent of responsibility for the offense,” the IRB statement said.
Tax officials have reminded Malaysian crypto traders that all trading operations within the country are subject to income tax. And they recommended that participants in exchange transactions voluntarily declare their income to any IRB office before enforcement action is taken against them.
Since August 2022, the Malaysian government, through MY EG Services (MYEG) and Mimos Technology Solutions (MTSSB), has begun developing a public national blockchain to provide services to the public and private sectors of the economy.
Source: Bits
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