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IRB: Cryptocurrency not regulated but traders still subject to Malaysian income tax law


IRB: All traders have to keep proper records for audit purposes and disclose any transactions from cryptocurrency trading when requested. — Reuters

IRB: All traders have to keep proper records for audit purposes and disclose any transactions from cryptocurrency trading when requested. — Reuters

The Inland Revenue Board’s (IRB) investigation into London based cryptocurrency exchanger Luno is not a phishing exercise for information on cryptocurrency traders, says its chief executive officer Datuk Seri Sabin Samitah.

Responding to a query on why the Luno bank account in Malaysia was frozen by IRB, he said the audit was to determine whether the cryptocurrency company has complied with the statutory requirement under the Income Tax Act 1967 and to ascertain if the business is involved in money laundering activities.

Courts Crime , bitcoin , luno , IRB

   

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