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 Selling large amount of crypto, Seeking advice on legal and tax issues

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TSshinzu23
post Jun 13 2019, 06:22 PM, updated 5y ago

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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!
jack2
post Jun 13 2019, 07:19 PM

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doraemonkiller
post 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!
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Bank probably will call and ask. Just tell them u r trading cryptocurrency.
TSshinzu23
post Jun 14 2019, 12:13 PM

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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.
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Did the bank call you too and you told them you're trading crypto? If so, did you file any taxes with LHDN also?
doraemonkiller
post 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?
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Bank did call me. And yes I pay tax.
TSshinzu23
post Jun 14 2019, 03:38 PM

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QUOTE(doraemonkiller @ Jun 14 2019, 02:48 PM)
Bank did call me. And yes I pay tax.
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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
lw13
post Jun 26 2019, 03:20 PM

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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
-CoupeFanatic-
post Jul 12 2019, 10:04 AM

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as far as i know, malaysia don't have capital gains tax right?
J1g54w
post 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.
TSshinzu23
post Jul 13 2019, 11:50 AM

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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.
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That's a lot in one day. All transferred to your same bank account or different ones?
J1g54w
post 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?
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Same
MrChubbyChocobo
post Feb 6 2021, 10:05 AM

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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.
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Hi man this transaction ok to be done to current account right? If savings definitely got red flagged and freeze..?
J1g54w
post 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..?
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it was savings account
doraemonkiller
post 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.
DarXnight
post 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?

ShinG3e
post 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?
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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.


shihou1
post Feb 20 2021, 10:28 PM

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QUOTE(doraemonkiller @ Jun 14 2019, 02:48 PM)
Bank did call me. And yes I pay tax.
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Hi, are u trade using personal current account?

SUSkeluarpattern
post 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.
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And how about LHDN

Will they knock your doors?
SUSkeluarpattern
post 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?
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What's d difference if trading using current or saving in here?
ShinG3e
post 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?
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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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