IRB official Datuk Abu Tariq Jamaluddin warns crypto traders to declare taxes or face compliance actions.
Malaysian federal agency Inland Revenue Board (IRB) conducted a special operation dubbed “Ops Token” to reduce tax revenue leakage from crypto trading.
Local media outlet The Malaysian Reserve reported that 38 personnel from the Royal Malaysia Police and CyberSecurity Malaysia (CSM) raided 10 different locations within Klang Valley.
The operation targeted companies that did not properly report their crypto trading activities to the federal agency. The initiative aligns with the local government’s desire to reduce tax revenue leakage and improve the country’s tax administration.