A special operation named “Ops Token” was recently launched by Malaysia’s Inland Revenue Board (IRB) in partnership with the Royal Malaysia Police and Cybersecurity Malaysia (CSM) to address tax revenue losses from cryptocurrency trading. The operation, carried out by 38 personnel, took place in 10 locations within the Klang Valley, which includes Kuala Lumpur, Putrajaya, and various cities in Selangor.
During the operation, the IRB uncovered cryptocurrency trading data on multiple devices, pointing towards significant tax revenue losses. This data is currently under analysis to determine the true value of undeclared assets and profits. Investigations also revealed that certain corporate entities and partnerships were intentionally set up to evade taxes. CEO of IRB, Datuk Dr. Abu Tariq Jamaluddin, urged cryptocurrency traders to accurately report their income to avoid facing compliance actions.
