The Malaysia tax bureau to freeze Luno exchange bank account

The Malaysia tax bureau to freeze Luno exchange bank account

Over the past few weeks, the regulators and financial institutions in response to the global bitcoin currency popular encryption. This week in Malaysia and Kuala Lumpur in another and supervision related issues, the tax authorities to freeze the Luno trading platform in the country’s Bank account.

Luno stressed that the company is “with the Malaysia tax bureau (IRB) in close cooperation, expand the scope of the limit requirements”

This week, exchanges and wallet provider Luno (formerly Bitx) announced that it is negotiating with Malaysia tax department. London Luno enterprise was founded in 2013, has been in Nigeria, South Africa, Malaysia, Indonesia, Britain and other 35 countries of the European region provide bitcoin and etheric fang. The Malaysia tax bureau (IRB) the company froze bank accounts in Malaysia and in January 13th, the account to the local enterprise name “BitxMalaysia” open. Luno explained to the financial media EdgeMarket, IRB is investigating alleged tax inconsistent.

Luno said: “so, IRB requires us to provide all customer information exchange in Malaysia: identity, deposit / withdrawal and trading.”

We are working closely with IRB, in order to prevent the expansion of the scope of the requirements.

Luno customers in Malaysia comply with tax requirements, and that the company support the central bank’s regulatory measures

At the same time, Luno can still use the country’s currency ringgit Malaysia customers in Malaysia (MYR) bitcoin transactions and etheric fang. The company stressed: “you in all of Luno’s capital whether local currency or digital money — are still safe, and all other services are not affected.” As the United States, like Coinbase, Luno also told the Malaysia trading platform customers need to pay tax. Luno said that they are working closely with the bank and the IRB, in order to solve this problem as soon as possible.

Luno pointed out:

“Find the right course of action requires all people to cooperate, to find the best solution, to ensure the safety industry and is conducive to enterprise development, we support the National Bank of Malaysia (BankNegaraMalaysia) recently adopted measures, digital currency exchange reporting requirements.”

“As our privacy policy statement, we pay attention to the privacy of customers, and strive to protect your personal information. We will only provide personal information on the legal requirements of the situation, and our cooperation with the local consultants, ensure that the disclosure of information in accordance with our obligations to customers.”

The National Bank of Malaysia for domestic digital currency exchange KYC/AML strict measures

In addition to the recent Malaysia tax bureau and Luno exchange, the National Bank of Malaysia (BNM) followed, released a digital currency supervision guide for drafting the area residents and enterprises. BNM has submitted the proposals for public scrutiny, and highlights the “know your customer (KYC) and (AML) the security of anti money laundering. BNM said last December: “digital currency exchange must disclose all their details. At the same time to remind the public that digital currency does not belong to the legal tender in Malaysia.” Luno has many Malaysian trading platform trading volume encryption currency seems to be under the first central bank intervention affected companies.

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