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
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Blockchain
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Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
The post UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System appeared first on News, Events, Advertising Options.
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