Blockchain
Malaysia Tightens The Noose On Crypto Taxation With Nationwide ‘Ops Token’ Initiative
To combat tax evasion in the cryptocurrency sector, the Malaysian Inland Revenue Board (IRB) has launched a special operation called “Ops Token.”
This initiative, conducted with the assistance of the Royal Malaysia Police and CyberSecurity Malaysia, targeted several business entities in the Klang Valley suspected of underreporting cryptocurrency transactions.
Details of the ‘Ops Token’ Initiative
According to The Malaysian Reserve, the operation involved comprehensive raids at ten locations to address significant “tax revenue leakages” linked to digital asset exchanges suspected of underreporting transactions.
The “Ops Token” underscores the Malaysian government’s efforts to enforce tax compliance among cryptocurrency traders and businesses. Data collected during the raids revealed substantial non-compliance, with many entities failing to adequately declare their cryptocurrency transactions. The IRB stated:
“The data obtained will be analyzed in detail to determine the value of cryptocurrency assets traded and profits generated, thereby identifying the true extent of undeclared tax liabilities.”
The IRB has warned all individuals and firms involved in digital currency trading to comply with Malaysia’s tax regulations or face stringent enforcement actions. According to IRB CEO Datuk Dr. Abu Tariq Jamaluddin, this operation aims to enhance Malaysia’s tax efficiency and boost revenue by addressing tax evasion loopholes.
Global Crypto Tax Strategies: Diverse Approaches
Malaysia is not alone in tightening scrutiny on tax evasion within the digital currency sector. Last month, the Australian Taxation Office (ATO) began monitoring approximately 1.2 million crypto-related accounts to address “tax discrepancies,” reflecting Australia’s broader crackdown on tax evasion amid growing interest in digital currencies.
In contrast, Turkey’s Treasury and Finance Minister, Mehmet Simsek, recently announced that the government has no plans to tax profits from stocks and cryptocurrencies. However, Turkey is considering a minimal transaction tax on these assets, although details have yet to be disclosed.
While some view Turkey’s approach to crypto tax as favorable compared to other countries, Mehmet Gerz, CEO of Ata Portfoy, expressed concerns that even a minor levy on stock transactions could create “market inefficiencies, increased commission costs, and discourage trading activities.”
Source: bitcoinist.com
The post Malaysia Tightens The Noose On Crypto Taxation With Nationwide ‘Ops Token’ Initiative appeared first on HIPTHER Alerts.
The European Union’s landmark MiCA regulation is set to transform the crypto industry, establishing stringent standards that many current Virtual Asset Service Providers may find challenging to meet. As MiCA compliance becomes the standard for operating within the European Economic Area, crypto exchanges and asset companies must take prompt action to align their operations with these comprehensive regulations.
To support businesses in navigating this significant transition, an exclusive webinar “Adapt or Die: The Urgent Shift from VASP to MiCA” will be held on Tuesday, November 19th, 2024, at 5:00 PM (CET) time.
This session is designed to provide industry professionals with practical insights and strategies to ensure their software and operations comply with MiCA standards.
Key highlights of the webinar include:
● Detailed analysis of MiCA regulations and their implications for the crypto sector.
● Actionable steps for software adaptation to achieve MiCA compliance.
● Case study feature: How Kyrrex achieved MiCA readiness using solutions from Simplify Labs.
● Practical tools for Anti-Money Laundering, Know Your Customer processes, cybersecurity, and transaction monitoring.
The webinar will be useful for CEOs, COOs, Compliance Officers, Regulatory and Legal Professionals, Tech Managers, and Investors looking to enter or expand within the EEA market. Attendees will gain the knowledge and tools necessary to adapt and thrive under the new MiCA regulatory framework.
Featured speakers:
Vadim Rozov, CEO at Simplify Labs, brings over 20 years of management and software development experience. Under his leadership, the company is dedicated to simplifying crypto and blockchain technology, making it accessible for non-technical founders and management teams.
Kevin Plumpton, CEO at Kyrrex, is a warranted advocate with extensive expertise in finance, business, property, and international law. He specializes in corporate governance, risk, and compliance legislation, and is a prominent figure in the Anti-Money Laundering and Counter Financing of Terrorism fields. He is recognized for developing innovative KYC and due diligence platforms utilized by leading organizations.
“The crypto industry is at a critical juncture where understanding and adhering to MiCA regulations is essential for continued growth and market access,” said Kevin Plumpton, CEO at Kyrrex. “Events like these are vital for bringing together industry leaders to share knowledge and best practices, ensuring businesses can adapt effectively and sustain their operations.”
Franklin Cachia, Executive Director at CSB Group, is an accomplished professional who advises clients on taxation, financial services, AML compliance, and corporate law, among other areas. His broad expertise also encompasses gaming, GDPR, and property law.
The post Adapt or Die: The Urgent Shift from VASP to MiCA appeared first on .
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