Employees of the Royal Police and the Cyber Security Service of Malaysia (CSM) simultaneously descended on tax evasion suspects in ten different places in the Klang Valley. The region includes the federal states of Kuala Lumpur and Putrajaya, as well as several cities and small towns in Selangor State.
"During the operation, numerous data stored on mobile devices and computers were discovered, which confirm the facts of shadow trading in digital assets. The data obtained will be analyzed in detail in order to obtain the total value of the traded cryptocurrency assets and determine the true amounts of tax evasion, as well as the measure of responsibility for the offense committed," the IRB said in a statement.
The tax authorities reminded Malaysian crypto traders that all trading operations in the country are subject to income tax. And they recommended that participants in exchange transactions voluntarily declare their income at any IRB office before enforcement measures are taken against them.
Since August 2022, the Malaysian government, through the mediation of MY EG Services (MYEG) and Mimos Technology Solutions (MTSSB), has begun to develop a publicly available national blockchain to provide services to the public and private sectors of the economy.