The Malaysian federal agency Inland Revenue Board (IRB) launched a special operation named “Ops Token” to combat tax evasion in crypto trading. A joint effort involving 38 personnel from the Royal Malaysia Police and CyberSecurity Malaysia targeted 10 locations in Klang Valley. The operation aimed at entities that failed to report their crypto activities to the IRB. This aligns with the government's goal to enhance tax compliance. The IRB suspects that certain partnerships and companies evaded taxes through crypto trading. Data from the operation will be used to assess the value of crypto assets traded and profits made. Crypto traders in Malaysia are reminded to adhere to income tax regulations. The IRB anticipates increased tax revenue and improved collection efficiency. Malaysia's regulatory framework treats tokens as securities, under the oversight of the Securities Commission. Read more AI-generated news on: https://app.chaingpt.org/news