Legally Tactical Move, Brilliant.
If you living in malaysian , you must have heard of Luno .
I used Luno in the past, it was pretty good the UI to me was brilliant and it is easy for a newbie to navigate around it. I didnt get in to crypto early, i only manage to get it going in July the day i meet steemit.
The reason why i dont do crypto is because after all the insight , meet up , reading , youtube , local papers studies on crypto , none of it excite me . other than the blockchain technology.
I was waiting for something greater, grander and out of the world. When @bitrocker explain to me , in just few minutes i knew this is it.
But i didnt trade, i am just sharing post as he says then . At that time, i already consider Steemit as Social mining because in all honesty and simplicity that is what it is.
call it whatever you like. im calling it my way.
So for couple of month after joining i started posting quite a number , not a lot but a few. i also started using luno. and also try out buying bitcoin. it was then pretty impressive , the moment i bought bitcoin, it was flying like nobody business. but i hate the idea of waiting. unlike steemit , i am making it as when i create a post, the better the quality the better the reward and most importantly there is element of building a community
when you look at the overall idea of steemit , it is the only platform that will impact the economics in social change if there is mass adoption. As for now , we can see people around us have change the lifestyle because of steemit.
toward the end of november , i cash out all my bitcoin in luno. As i decided to be an advocator for steemit in my region , Borneo . i am certain that if the community started getting on board, lots of life will change and their livelihood can be better.
Recently , luno been having problem . lots of of luno users can transfer money to their account through luno as apparently bank negara was investigating them . The facts state the it was Inland Revenue Board that has frozen Luno Malaysia Bank Account . The Reason ....
cryptocurrency business was an unregulated industry in Malaysia, it was subject to Malaysian income tax by virtue of the Section 3 of the Act, whereby tax shall be charged upon the income of any person accruing in or derived from Malaysia.
Read more HERE
as for luno , their response is legally tactical. Which to me is smart as to ensure customer confidence on luno. IRB is asking luno to produce all the details of malaysian that has been using luno. Name, Contact Number, Transaction ,Grandma Favourite Food and preferred style in bed. LOL . you know the later two info required info is bullshit , right? hehehe.
So luno reponded like this....
IRB requested to be furnished with information on all their Malaysian customers: identification, deposits/withdrawals, and transactions.
To comply with their own privacy policy, Luno stated it would only provide personal information where they were legally required to do so and were working with its local advisers to ensure that any disclosure was consistent with obligations to its customers.
Luno said all other services remain unaffected, with customers still able to buy, sell, send and receive digital currencies like ETH (ethereum) and BTC (bitcoin) with their local currency balance. Read more HERE
So, i received a whatsapp message from a friend on this topic, he ask of my opinion. i told him, i am looking forward to see IRB gets head to head with luno in court.
Dont you ? lol.. that is will be the most interesting development in malaysia cryptocurrenty movement.
Till then . Use Remitano. Cheers.
Why Am I Here
Daniel Doughty loves his community and ideas but hates writing. Steemit is a brilliant platform that would help him express his thoughts and helps him practise his writing, he hopes to get better at it.
He is now a self proclaim steemit evangelist and preacher , encouraging his community in Borneo to use steemit as a bridge to the outside world to build awareness, showcase talents and most importantly to create wealth for themselves.
To find out more on what he does, click HERE
Well... the govt will loose thier hands on our money... thats why they trying their best to impose on every bit of the money we earn..
But we shall see the outcome..
There argument on today function of institutional governance in the society is interesting . Government behaving more so as a punisher and tax collector than service and facilitating their master , citizen.
Some article i read points this to the failing of world economic system.
to change how government is running is to replace the failing world economic system. some believe that when blockage become more mature , it could possible become the game change. well, you say and i concur.. we shall see the outcome.
but honestly, if irb were to go head to head , i think they will have a major super duper hard time.
Time is hard.. this the very reason money has to come new evolution.. it has been pushed so hard by the govts/taxs so far that humans made new form of currency to keep them out of reach..
Yea, most people treat crypto like just the value of it and want to earn money out of it. It will be better that we look at the blockchain tech behind it and see the value from there then only we invest in it.
Please don't forget that in Malaysia, personal income tax is on the self assessment since 2005 (a brilliant strategy from the IRB).
What this means is that ALL the responsibility for knowing what are the taxable income, when n how to compute the tax n the reporting of it, and the payment of the tax payable is done by the Malaysian tax payer! So later on, if the IRB finds errors or omissions, these will all be errors or omissions deemed deliberately done by the tax payer. So penalties in addition to back taxes!
Previously it was the responsibility for the IRB officer to go through your return, n he determined the tax payable.
I agree bro. I was thinking to put all transfer not to personal account but on a enterprise company . Hehe, time to go to DBKK and ion a new enterprise lah this. Hehe