The Inland Revenue Board of Malaysia (IRB) recently carried out a special operation called “Ops Token” in an effort to minimize tax evasion in the country’s crypto trading industry.
According to local news source The Malaysian Reserve, the operation involved a raid conducted by 38 personnel from the Royal Malaysia Police and CyberSecurity Malaysia (CSM) at 10 different locations in the Klang Valley area.
The aim of the operation was to target companies that were not accurately reporting their crypto trading activities to the federal agency.
This initiative is in line with the Malaysian government’s efforts to reduce tax evasion and improve the country’s tax administration.
The authorities suspect that various limited liability partnerships and corporate entities were created specifically for crypto trading, and intentionally avoided declaring their taxes.
