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Selling large amount of crypto, Seeking advice on legal and tax issues
TSshinzu23
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Jun 13 2019, 06:22 PM, updated 5y ago
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New Member
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Has anyone sold large amounts of crypto (>RM10k, or >RM50k) at once? Or regularly in a month or span of a few months? I'm wondering if I do that will I get flagged by the bank or will they stop the transaction.
I'm also wondering about whether we need to pay taxes on these types of withdrawals. I use Remitano for trading, but have only done once and sold USDT for RM700+.
I know one option is to open a current account. Someone once told me I could open a sole proprietorship and a company current account, and do my peer to peer crypto transaction there, then can legally file for taxes (to add to my credit history). But how will bank view transactions from personal savings accounts (eg. from Malaysian Remitano users) to a company current account?
Any help or advice would be appreciated!
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jack2
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Jun 13 2019, 07:19 PM
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Parking
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doraemonkiller
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Jun 14 2019, 06:34 AM
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QUOTE(shinzu23 @ Jun 13 2019, 06:22 PM) Has anyone sold large amounts of crypto (>RM10k, or >RM50k) at once? Or regularly in a month or span of a few months? I'm wondering if I do that will I get flagged by the bank or will they stop the transaction. I'm also wondering about whether we need to pay taxes on these types of withdrawals. I use Remitano for trading, but have only done once and sold USDT for RM700+. I know one option is to open a current account. Someone once told me I could open a sole proprietorship and a company current account, and do my peer to peer crypto transaction there, then can legally file for taxes (to add to my credit history). But how will bank view transactions from personal savings accounts (eg. from Malaysian Remitano users) to a company current account? Any help or advice would be appreciated! Bank probably will call and ask. Just tell them u r trading cryptocurrency.
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TSshinzu23
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Jun 14 2019, 12:13 PM
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New Member
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QUOTE(doraemonkiller @ Jun 14 2019, 06:34 AM) Bank probably will call and ask. Just tell them u r trading cryptocurrency. Did the bank call you too and you told them you're trading crypto? If so, did you file any taxes with LHDN also?
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doraemonkiller
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Jun 14 2019, 02:48 PM
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QUOTE(shinzu23 @ Jun 14 2019, 12:13 PM) Did the bank call you too and you told them you're trading crypto? If so, did you file any taxes with LHDN also? Bank did call me. And yes I pay tax.
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TSshinzu23
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Jun 14 2019, 03:38 PM
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New Member
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QUOTE(doraemonkiller @ Jun 14 2019, 02:48 PM) Bank did call me. And yes I pay tax. Oh that's interesting. Which bank was that? And I'm guessing you filed the additional income under Borang B? Curious to know how that process was like for you
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lw13
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Jun 26 2019, 03:20 PM
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Getting Started
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yea, i would like to know the answer too.
This post has been edited by lw13: Jun 26 2019, 04:43 PM
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-CoupeFanatic-
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Jul 12 2019, 10:04 AM
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as far as i know, malaysia don't have capital gains tax right?
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J1g54w
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Jul 12 2019, 10:09 AM
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I sold over RM50k in a day, but spread through multiple smaller transactions (biggest was around RM13k). So far no issue.
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TSshinzu23
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Jul 13 2019, 11:50 AM
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New Member
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QUOTE(J1g54w @ Jul 12 2019, 10:09 AM) I sold over RM50k in a day, but spread through multiple smaller transactions (biggest was around RM13k). So far no issue. That's a lot in one day. All transferred to your same bank account or different ones?
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J1g54w
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Jul 13 2019, 03:08 PM
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QUOTE(shinzu23 @ Jul 13 2019, 11:50 AM) That's a lot in one day. All transferred to your same bank account or different ones? Same
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MrChubbyChocobo
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Feb 6 2021, 10:05 AM
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Getting Started
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QUOTE(J1g54w @ Jul 12 2019, 10:09 AM) I sold over RM50k in a day, but spread through multiple smaller transactions (biggest was around RM13k). So far no issue. Hi man this transaction ok to be done to current account right? If savings definitely got red flagged and freeze..?
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J1g54w
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Feb 6 2021, 10:56 AM
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QUOTE(MrChubbyChocobo @ Feb 6 2021, 10:05 AM) Hi man this transaction ok to be done to current account right? If savings definitely got red flagged and freeze..? it was savings account
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doraemonkiller
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Feb 6 2021, 01:28 PM
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When u sell at any exchange, remember to check the bank account name to make sure the people who transfer u the money is from the same person as registered in exchange. This is to avoid 3rd party scam.
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DarXnight
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Feb 10 2021, 10:27 AM
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Currently trading actively and I am planning to declare my earnings from crypto trading as a part of my income. Using Binance but it has been added to SC’s Investor Alert List. Does this affect anything? Any better ideas for me to keep track and prove my income from crypto?
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ShinG3e
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Feb 16 2021, 12:54 PM
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QUOTE(DarXnight @ Feb 10 2021, 10:27 AM) Currently trading actively and I am planning to declare my earnings from crypto trading as a part of my income. Using Binance but it has been added to SC’s Investor Alert List. Does this affect anything? Any better ideas for me to keep track and prove my income from crypto? it's just SC's alert list not blacklist. so that if anything were to happen, you're on your own as SC has no jurisdiction over a foreign registered corporation (Binance). Just keep track your earnings will do, similar with how you keep the receipts for 7 years.
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shihou1
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Feb 20 2021, 10:28 PM
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New Member
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QUOTE(doraemonkiller @ Jun 14 2019, 02:48 PM) Bank did call me. And yes I pay tax. Hi, are u trade using personal current account?
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SUSkeluarpattern
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Feb 22 2021, 11:46 PM
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QUOTE(ShinG3e @ Feb 16 2021, 12:54 PM) it's just SC's alert list not blacklist. so that if anything were to happen, you're on your own as SC has no jurisdiction over a foreign registered corporation (Binance). Just keep track your earnings will do, similar with how you keep the receipts for 7 years. And how about LHDN Will they knock your doors?
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SUSkeluarpattern
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Feb 22 2021, 11:47 PM
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QUOTE(shihou1 @ Feb 20 2021, 10:28 PM) Hi, are u trade using personal current account? What's d difference if trading using current or saving in here?
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ShinG3e
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Feb 23 2021, 12:41 AM
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QUOTE(keluarpattern @ Feb 22 2021, 11:46 PM) And how about LHDN Will they knock your doors? for this, better to visit lhdn first before they visit u lol but they are cool to have a chat. numbers people.
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