PETALING JAYA: The Inland Revenue Board has frozen the local bank account of Luno, a globally-recognised cryptocurrency exchanger based in London, the Edge reported.
It said it was frozen pending an investigaton relating to tax matters.
As such, it has not been able to process deposits or withdrawals in the country over the past few weeks, Luno said.
The account is held under the name of its local entity, BitX Malaysia.
“As part of this, IRB has requested that we provide them with information on all our Malaysian customers: identification, deposits/withdrawals, and transactions.
“We are working closely with the IRB to limit the parameters of this broad request.
“As set out in our privacy policy, we value your (Luno customers’) privacy and strive to protect your personal information.
“We will only provide personal information where we are legally required to do so.
“We are working with our local advisers to ensure that any disclosure is consistent with our obligations to you, our customers,” Luno said in a statement emailed to theedgemarkets.com.
Luno said it encouraged all its customers to adhere to Malaysian tax laws and declare any gains.
“Bitcoin and digital currencies are a new area of development for everyone, including regulators, financial institutions, tax authorities, and many others.
“Navigating this requires everyone to work together to figure out optimal solutions to ensure the industry is safe and conducive to business.
“We are supportive of the recent measures by Bank Negara Malaysia to come up with reporting requirements for digital currency exchanges.
“In a similar manner, we are working closely with our banks and the IRB to come to a swift conclusion with regard to this investigation,” Luno added.
It expected the issue to take some time to be resolved.
“In the meanwhile, you (Luno customers) can still buy, sell, send and receive digital currencies like ETH (ethereum) and BTC (bitcoin) with your MYR local currency balance.
“All your funds — local and digital currencies — remain safe with Luno and all other services remain unaffected,” it added. -FMT
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