The Inland Revenue Board (IRB) of Malaysia has taken decisive action against tax evasion in cryptocurrency trading through a collaborative effort with the Royal Malaysia Police and Cybersecurity Malaysia (CSM). Dubbed "Ops Token," the operation involved 38 personnel and spanned 10 locations in the Klang Valley, which includes Kuala Lumpur, Putrajaya, and parts of Selangor.

The IRB uncovered significant evidence of cryptocurrency trading on various digital devices, pointing to substantial tax revenue losses. The seized data is currently under analysis to determine the exact value of undeclared assets and profits. Preliminary findings suggest that certain corporate entities and partnerships intentionally structured their operations to avoid paying taxes.

The IRB CEO, Datuk Dr. Abu Tariq Jamaluddin, has urged cryptocurrency traders to promptly declare their income to avoid facing compliance actions. This move by the IRB demonstrates the government's commitment to reducing tax revenue leakage from cryptocurrency trading and improving the country's tax administration.

The success of Ops Token is expected to increase revenue by reducing leakages and enhancing tax efficiency, contributing to the sustainability of the country's revenue collection. This operation serves as a warning to individuals and entities engaging in tax evasion, emphasizing the importance of compliance with tax regulations.

As the government continues to strengthen its grip on tax evasion, cryptocurrency traders are advised to prioritize transparency in their financial dealings to avoid facing legal consequences. The IRB's proactive stance in addressing tax revenue losses from cryptocurrency trading sets a precedent for responsible trading practices in the industry.