Malaysia’s Inland Revenue Board (IRB), in collaboration with the Royal Malaysia Police and Cybersecurity Malaysia (CSM), has initiated a special operation codenamed “Ops Token” to address tax revenue losses from cryptocurrency trading.
This significant operation involved 38 personnel and was carried out across 10 locations in the Klang Valley, which includes the federal territories of Kuala Lumpur and Putrajaya, as well as surrounding cities and towns within the state of Selangor.
During the operation, IRB officials discovered cryptocurrency trading data on various mobile devices and computers, indicating substantial losses in tax revenue.
This data is currently under analysis to determine the actual value of undeclared assets and profits.
The investigation further revealed that some corporate entities and partnerships were deliberately structured to evade taxes.
IRB CEO Datuk Dr. Abu Tariq Jamaluddin has urged crypto traders to promptly declare their income to avoid facing compliance actions.
