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.