The Inland Revenue Board (IRB) of Malaysia has launched “Ops Token,” a special operation aimed at combating crypto tax evasion and improving tax administration. This initiative, involving 38 personnel across 10 locations in the Klang Valley, marks a significant step in addressing the estimated RM1.441 trillion ($340 billion) cryptocurrency transactions in Malaysia this year.
During this operation, the IRB accessed data from mobile devices and computers to trace digital assets and assess profits. This effort uncovered entities established solely to evade tax obligations. The collected data will be analyzed to determine the extent of undisclosed tax evasion, emphasizing the need for compliance with income tax regulations.
CEO Datuk Dr. Abu Tariq Jamaluddin has urged cryptocurrency traders to declare their taxes promptly to avoid penalties. “Ops Token” aims to boost Malaysia’s revenue by reducing tax evasion and enhancing tax efficiency, ultimately supporting the nation’s revenue sustainability.
Cryptocurrency trading has been linked to tax evasion, underscoring the need for stricter regulations and transparency. The collapse of the FTX exchange highlighted this necessity, prompting regulatory crackdowns. In a related case, Binance compliance officer Tigran Gambaryan was arrested in Nigeria for tax evasion, highlighting the global regulatory challenges facing the crypto sector.
