I withdraw to Remitano then trade for ringgit. If Remitano doesn't support the crypto I am withdrawing directly, I trade it for USDT first then withdraw it out of Binance.
Thanks for your info. Never knew Remitano has Tether. I have always changed to BTC in binance then send BTC to Localbitcoins and sell for MYR.
Does anyone know how to get verified on Binance if utility bill name is different from your own? (father’s name)
Long time didn’t buy now Remitano and Localbtc/eth like dead already with high fees sellers. Luno fees also stupid as usual as well. Thanks if anyone can help ya... appreciate the reply.
Need if want buy p2p. If got other way to buy can still deposit and trade like normal (albeit with trading limit).
Oh thats why. I never use p2p on binance, used to trade altcoins over there and deposit/withdraw no problem without KYC ( as long as below 2BTC per daily limit)
“If the transaction is more of a capital gain, passive, or as done occasionally, unplanned or unsystematic, then the profit from such sale and purchase is a tax-free income.
So as long as don't cash out and just hodl, can delay declaration I guess?
I think Remitano and Luno regular traders will be affected more because all your P2P trades are stored and government can request them.
I think you are right.
If capital gain, should be no tax unless trading is your business.
But if BTC reaches $250k and you sell just 1 BTC and you receive RM 1 mil in your bank account. I don't think government won't come kacau you.
Do we have real case like this in Malaysia? I'm wondering how gomen look at things like this. Suddenly money out of thin air something like that. Of course get marked.
That's why. I don't know anyone personally who did that.
But even if you tell them that you sell your 1 BTC (your first sale ever), so it should classified as capital gain, then it should be tax-free income.
You need to provide solid history on purchAse and selling prices.
Otherwise, you will be deemed like traders and all profits are taxable like business transactions.
Even if I only sell once, also considered as traders? Lets just say I had been mining a lot since early days, and keep buying every month since few years ago.
Your blockchain address will have all the records of coins coming in and out since the account creation. Map the transaction with spot price during each transaction date and time will give you enough prove already.
I already sent my BTC from a lot of exchanges (Binance, Localbitcoins, Luno, Remitano) to separate Bitcoin addresses already over the years.
Mining shall be classified as "business" transaction and not "capital" acquisition for the purpose of appreciation lo...
It is really unfair for such treatment whereby they tax you on trading profit and how about if someone bought high and then sell low and suffering losses? Of course they allow you to claim tax losses...
I used to mine as a hobby long time ago, but lost those mined coins because I gambled it all on some dice sites. So now I don't have those coins coming from mining. The mining thing is just a hypothetical example.
But I have been buying BTC since few years ago every month and never sold any BTC yet.