Malaysian Authorities Crack Down on Cryptocurrency Tax Evasion

The Inland Revenue Board of Malaysia (IRB) has launched Operation Ops Token to tackle tax revenue leakage from cryptocurrency trading, according to local media.

Raids were conducted across 10 locations in the Klang Valley, involving 38 officers from the Royal Police and the country’s Cybersecurity Service. The focus was on companies that failed to report digital asset-related activities to the IRB.

During the raids, authorities discovered cryptocurrency trading data on mobile devices and computers, indicating “significant tax revenue leakage.” The IRB will analyze the information to determine the exact extent of the loss.

Datuk Abu Tariq Jamaluddin, head of the IRB, warned crypto traders of the necessity to file declarations to avoid penalties.

Back in April 2024, Sweden’s tax authority identified a shortfall from mining companies amounting to nearly 1 billion kronor (over $90 million at the time).