IRB Conducts “Token Ops” – Identify Tax Leakage Due to Cryptocurrency Trading

The Inland Revenue Board now once again reminds any individual involved in cryptocurrency trading in Malaysia is subject to income tax in Malaysia. This matter is shared in parallel with the recent "Ops Token" implementation.

"Ops Token" was implemented in collaboration with PDRM and CyberSecurity Malaysia in 10 different locations around the Klang Valley. Through it, cryptocurrency trading data has been obtained to identify the value of digital assets being traded, thus causing leakage of tax revenue for the country. It was also found that there are several company entities created to mediate cryptocurrency trading, thereby avoiding tax reporting.

The IRB also encourages people who do cryptocurrency trading to come to the IRB office and do tax reporting.

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