In a concerted effort to combat tax evasion in the cryptocurrency sector, Malaysia's Inland Revenue Board (IRB) has launched a special operation, "Ops Token". Collaborating with the Royal Malaysia Police and Cybersecurity Malaysia, the initiative aims to tackle significant tax revenue losses resulting from cryptocurrency trading.

The operation, involving 38 personnel, targeted 10 locations in the Klang Valley, covering Kuala Lumpur, Putrajaya, and parts of Selangor. During the raids, IRB officials discovered data on cryptocurrency trading on various devices, indicating substantial tax revenue losses. The data is currently being analyzed to determine the exact value of undeclared assets and profits.

Preliminary investigations revealed that some corporate entities and partnerships deliberately structured their operations to evade taxes. IRB CEO Datuk Dr. Abu Tariq Jamaluddin urged cryptocurrency traders to declare their income promptly to avoid compliance actions.

In conclusion, Malaysia's "Ops Token" operation demonstrates the country's commitment to tackling tax evasion in the cryptocurrency sector. With data analysis ongoing, the IRB is determined to recover lost tax revenue and ensure compliance from cryptocurrency traders. This move serves as a warning to those attempting to evade taxes, emphasizing the importance of transparency and accountability in the cryptocurrency market.