In a bid to boost revenue and enhance tax administration, the Inland Revenue Board (IRB) of Malaysia has launched a special operation dubbed "Ops Token" to tackle crypto tax evasion. This move comes as the country experiences a significant surge in cryptocurrency transactions, estimated at RM1.441 trillion ($340 billion) this year.

The IRB, in collaboration with the Royal Malaysia Police and CyberSecurity Malaysia, has deployed 38 personnel across 10 locations in the Klang Valley to execute the operation. The team has accessed cryptocurrency trading data stored on mobile devices and computers, enabling them to trace digital assets traded and assess associated profits.

The operation aims to uncover instances of tax evasion, where entities were established solely for cryptocurrency transactions to evade tax obligations. The IRB will analyze the gathered data to determine the value of cryptocurrency assets traded and the profits generated, thereby revealing the extent of tax evasion previously undisclosed.

CEO Datuk Dr Abu Tariq Jamaluddin emphasized that individuals engaging in cryptocurrency trading in Malaysia must comply with income tax regulations. He urged all parties involved in such activities to declare their taxes promptly at the nearest IRB office to avoid potential compliance penalties.

The execution of this operation aims to boost the nation's revenue by minimizing tax evasion and improving tax efficiency, thereby bolstering the sustainability of Malaysia's revenue collection efforts.

This development comes as cryptocurrency trading faces increased scrutiny globally, with calls for more stringent regulations and reporting standards. The collapse of the disgraced Sam Bankman-Fried's FTX cryptocurrency exchange was attributed to fraudulent reporting and mismanagement of funds, triggering a series of regulatory crackdowns and heightened scrutiny.

In related news, Turkey's Garanti BBVA commercial bank has launched a cryptocurrency wallet service, enabling customers to buy, sell, and store Bitcoin, Ethereum, and USD Coin securely. This development marks a first in Turkey, with a bank subsidiary independently creating and launching a cryptocurrency wallet.

Garanti BBVA's crypto offering is part of its strategy to remain at the forefront of the rapidly changing fintech industry. The bank has been engaged with blockchain technology and cryptocurrency services for several years, acknowledging their potential to transform the financial sector.

The wallet, available on the App Store for iOS users, provides enhanced security features and digital payment capabilities. Garanti BBVA Executive Vice President and Chairman of the Board of Directors of BBVA Digital Assets, Çağrı Süzer, announced that the team successfully conducted pilot studies for the new service.

The launch of this crypto wallet meets Turkey's rising demand for cryptocurrency services, providing customers with a reliable and secure platform to manage their digital assets. Traditional banks are repositioning themselves as trustworthy custodians of crypto assets, offering custodial services to give customers a secure platform for handling their digital assets.