Malaysia is not planning on ban against crypto!!! What does this means for Malaysia Steemians
So there it is guys, a great news to start 2018. We will not be categorised as terrorist or money launderers. The Malaysian government sort of gave greenlight for cryptocurrency trading. I do agree with the second finance minister when he sees cryptocurrency as financial innovation and also as a medium for economic activities.
I am all going for protecting the interest of public but still, there is no clue on who is about to do that and how the interest will be protected. Will politicians come into the pictures and stake their claim on this 'protecting the interest of public' thingy. I guess vaguely putting this term can be a double edge sword.
Yes, before implementing any policies one need to understand the cryptocurrency space. I believe blockchain technology and cryptocurrency more complicated and complex than any other financial innovation we have seen before. I believe the time span to conduct studies and research is important in order to create a win-win-win situation before proper regulation takes place.
Although financial innovation is a friendly term to put for the C-levels, one must remember that before any innovation comes there will be a disruption. The analogy is Fat (Fiat) will be disrupted before Muscle (Crypto) comes in. Is the regulator or policy implementor ready to do a paradigm shift or more suitably put 'Crypto Shift'? Regulation is good but is the tech currently ready for it?
Lastly, it's kind of obvious that the road of this whole regulation thing will be on how to tax on income earned by Cryptocurrencies. The fact is any income earned by any activities done by us is subjected to tax. However, there is a big catch up game that Income tax department or Lembaga Hasil Dalam Negeri (LHDN) need to do before tax imposed on cryptocurrency earning.
As for my fellow Malaysian Steemians, although we might not need to declare our income from Steem but the wallet is accessible for the government. Nothing is certain for now but early preparation is always good.
This is just my personal opinion. I might be wrong or I might be right. If you have any thoughts to share on this please comment below guys. I would love to hear some of your views on this.
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The interesting part is because crypto is so volatile how will the "tax" be implemented? Are they going to treat it as foreign fiat and when it hits a certain amount transferring into Malaysia, that it will be taxed?
To be honest, Steemit is a fantastic thing but as you have said, the weak point is that it isn't really private as it is too transparent. So anonymous will be a lot harder.
Therefore only time will tell how this is going to play out. Better enjoy it while we can then.
True. Don't be surprised if one day LHDN invites @bitrocker2020 and @maverickfoo to give talk about Steemit. Then it's red alert...haha
It's RED ALERT! not just red alert! LOL...
So true! So true!
damn .. i've gotta go for plastic surgery
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A slight correction there, our wallet are "scrutinizable" by the government, not "accessible". Sure they can see how much steem, Sbd and steem power is tied to my account. But once I transfered it to the exchanges, all trace can be gone.
IMO the best bet for the government will be to only tax us of we go through any crypto-fiat exchanges. And they should make it as easy as possible for entrepreneurs to allow that service. I'm all in for a one-click transfer of steem to myr if the tax is acceptable and it's easy to be done.
It's in the government's best interest for a thriving cryptoeconomy. Which will be good for both the people and the economy (which will also mean good for the government).
Very excited to see how 2018 will unfold.