In recent weeks, regulators and the financial institutions have responded to the global popularity of Bitcoin and other crypto-currencies. In another case related to the regulation of this sector, this week in Kuala Lumpur, in Malaysia, the business exchanges of digital currencies and Luno had seen his bank account frozen by the tax authorities of the country.
The company Luno works closely with the regulators
This week, the company exchanges of crypto-currencies Luno, formerly Bitx, announced that he had had problems with the tax authorities malaysian. Created in 2013, the london-based company Luno provides Bitcoin and Ethereum to countries such as Nigeria, South Africa, Malaysia, Indonesia, the United Kingdom and 35 other european countries. The IRB (Inland Revenue Board of Malaysia has frozen the bank account of the company on the 13th January last. This account is held under its trade name ” local Bitx Malaysia “.
Source : Gerd Altmann, Pixabay. The tax authorities of Malaysia freeze the account of Luno.
Luno explains to the Edge Markets that the IRB was investigating a case involving tax issues. The spokesperson of the company said that in this context, the IRB asked them to provide information on all their customers in malaysia : identity, deposits, withdrawals and transactions.
Lunod application to customers in malaysia, the compliance of the tax requirements
The customers of Luno based in Malaysia can still exchange crypto-currencies using the national competitive bidding MYR. The company emphasized that all of the funds and the digital currency are secure, and that all other services remain unchanged.
Source : Pixabay. The services trade of crypto-currencies continues.
Just like Coinbase in the United States, the group Luno indicates having to pay taxes. The company works in close collaboration with the banks in the region to resolve quickly this problem, she explained. It is expected, therefore, to see the situation will unlock in the coming days.
Source : NewsBitcoin