I want to cash out some BTC to fiat into my Malaysian bank account

How do we calculate and keep records for taxes? I use Luno.

Also,

What volume of ringgit is considered suspect when deposited into an account, is >RM50K the limit, what if I want to deposit more?. I don’t want to get put on any list of suspect money laundering. I’ve made very good profits and I want to pay taxes properly and do this legit. Any help or point me to any articles that explain this would be greatly apprecited
Cheers

At the moment, there are no official regulations on the nature or classification of digital currencies in Malaysia, so there is no provision for you to be taxed.
Same as stock trading, capital gains are not taxable in Malaysia (unless you happen to be a licensed trader and stock trading is your main source of income).

BNM has issued a statement that they will come out with guidelines on cryptocurrencies by the end of the year, so we should be able to have some concrete information within the next few weeks.
Meanwhile, you can keep your transaction history from LUNO as reference.

There has been talks that RM30k is the supposed trigger for every transaction, where anything above that will trigger a closer scrutiny by the banks and BNM.
But the source of this magic number has not been able to be confirmed or verified.
Personally, I believe that it is not so much the actual amount, but rather, what amount constitutes as "normal activity" for your bank account.
If all your transactions have never exceeded RM2k, for example, then of course when you suddenly try to deposit RM100k into your bank account in one transaction, you can be sure that it is going to attract some attention.
However, for example, if you regularly send and receive amounts like RM50k, then that's considered normal activity, and wouldn't attract too much attention.

I remember back more than 10 years ago, one of my ex-bosses (owner of the company, very rich fellow) is a crazy golf fan, and used to go around Malaysia every week for rounds of golf with his rich buddies in various golf clubs. And as rich people do, they bet their own games, just for fun.
Every week, he will have personal cheques of RM50k or more, either going in or going out, just from his golfing games.
I don't see anyone from BNM or LHDN knocking on his door either.

You cant tax something un-regulated. So far this is fortunately and unfortunately the easiest way to run tax. However, just be prepared to deal with the Anti Money Laundering ppl if your amounts are huge.
My lawyer has ask to keep all transactions in and out of cryptocurrency as this would be needed if you are flagged by them.

AML is a political agenda scam used by government to manipulate you all

government using it as excuse so that they trace all your monetary movement so that they can tax you completely, like forcing you to show your dick out in the public

and back to topic, bitcoin is not taxable

@Azurika & @wengherng. Thanks you