Welcome Guest ( Log In | Register )

7 Pages  1 2 3 > » Bottom

Outline · [ Standard ] · Linear+

 Liquidating millions worth of crypto

views
     
TSSecretx
post Apr 3 2022, 02:24 AM, updated 2y ago

New Member
*
Junior Member
37 posts

Joined: Oct 2010


Hello,

I have some questions regarding how to liquidate my crypto into MYR.

It's a long journey.. I started in late 2020 and managed to turn few thousand (MYR) into a few million (USD).

Currently, I'm mostly sitting in USDC in FTX and doing lending.

I'm looking to liquidate some of the USDC into MYR, about 500k USDC worth.

My question is, can I just do that with LUNO straight and declare them accordingly in the personal tax bracket?

I can buy BTC in FTX, transfer them to LUNO, and then sell them and cash out.

Is there any concern that I should be aware of?

I'm looking to buy house / car after declaring them.

To add some story:

I started to onboard crypto with P2P in Binance to purchase USDT, when I earn my first pot of gold of crypto I didn't do that anymore. So it's just crypto gain rolling more crypto gain. I used to trade derivatives in Binance, now trading full time in FTX.

Thanks.

This post has been edited by Secretx: Apr 3 2022, 02:36 AM
jack2
post Apr 3 2022, 10:43 AM

Mr
********
All Stars
14,363 posts

Joined: Oct 2004
I envy you lo... Turned from few thousand Ringgit to few million USD
MANUTD676767
post Apr 3 2022, 02:59 PM

Casual
***
Junior Member
335 posts

Joined: Jun 2017


Mana drizz few millions???
doraemonkiller
post Apr 3 2022, 03:06 PM

Regular
******
Senior Member
1,087 posts

Joined: Nov 2008


QUOTE(Secretx @ Apr 3 2022, 02:24 AM)
Hello,

I have some questions regarding how to liquidate my crypto into MYR.

It's a long journey.. I started in late 2020 and managed to turn few thousand (MYR) into a few million (USD).

Currently, I'm mostly sitting in USDC in FTX and doing lending.

I'm looking to liquidate some of the USDC into MYR, about 500k USDC worth.

My question is, can I just do that with LUNO straight and declare them accordingly in the personal tax bracket?

I can buy BTC in FTX, transfer them to LUNO, and then sell them and cash out.

Is there any concern that I should be aware of?

I'm looking to buy house / car after declaring them.

To add some story:

I started to onboard crypto with P2P in Binance to purchase USDT, when I earn my first pot of gold of crypto I didn't do that anymore. So it's just crypto gain rolling more crypto gain. I used to trade derivatives in Binance, now trading full time in FTX.

Thanks.
*
I got method change it to cash
yongfeikei2020
post Apr 3 2022, 11:55 PM

New Member
*
Junior Member
11 posts

Joined: Feb 2022
are you one of those that got lucky with dog coin?
TSSecretx
post Apr 4 2022, 08:03 AM

New Member
*
Junior Member
37 posts

Joined: Oct 2010


QUOTE(yongfeikei2020 @ Apr 3 2022, 11:55 PM)
are you one of those that got lucky with dog coin?
*
nope lol
puremage111
post Apr 4 2022, 03:59 PM

Getting Started
**
Junior Member
234 posts

Joined: Oct 2012
Park
Wanted to know similar information too
jay_y
post Apr 5 2022, 10:57 AM

Getting Started
**
Junior Member
58 posts

Joined: Feb 2012


parking
HappyPlace
post Apr 5 2022, 02:42 PM

Getting Started
**
Junior Member
51 posts

Joined: Apr 2016
park
IRB Malaysia P
post Apr 5 2022, 05:54 PM

New Member
*
Probation
1 posts

Joined: Apr 2022
parking
notokay
post Apr 5 2022, 06:11 PM

Getting Started
**
Junior Member
51 posts

Joined: Apr 2017
You read about this just now? Now we need to identify from where and who we are receiving/sending crypto for Luno. Will we get banned from Luno, if we sent crypto from banned exchange in Malaysia such as Binance (even though we still can use it lol)

https://www.luno.com/help/en/articles/11000100856

» Click to show Spoiler - click again to hide... «



chonghe
post Apr 5 2022, 07:52 PM

Enthusiast
*****
Senior Member
821 posts

Joined: Apr 2017


Since you are declaring to LHDN, there shouldn't be much of a concern if you cash out via Luno

Edit: just received email from Luno today that they seem to want to know where the fund comes from. Not sure how is this going to be implementing? Previously send to Luno they didn't really ask about that

This post has been edited by chonghe: Apr 5 2022, 07:55 PM
notokay
post Apr 5 2022, 08:30 PM

Getting Started
**
Junior Member
51 posts

Joined: Apr 2017
QUOTE(chonghe @ Apr 5 2022, 07:52 PM)
Since you are declaring to LHDN, there shouldn't be much of a concern if you cash out via Luno

Edit: just received email from Luno today that they seem to want to know where the fund comes from. Not sure how is this going to be implementing? Previously send to Luno they didn't really ask about that
*
Maybe TS can test for us what happened if he send huge amount of 1million MYR worth of XRP/BTC/LTC from Binance to Luno.... lol
jack2
post Apr 5 2022, 10:01 PM

Mr
********
All Stars
14,363 posts

Joined: Oct 2004
QUOTE(notokay @ Apr 5 2022, 08:30 PM)
Maybe TS can test for us what happened if he send huge amount of 1million MYR worth of XRP/BTC/LTC from Binance to Luno.... lol
*
LOL.. why don't you do first and let us know...wakkaak
mirakurumimagic
post Apr 5 2022, 11:20 PM

New Member
*
Newbie
18 posts

Joined: Jan 2018
.

This post has been edited by mirakurumimagic: Apr 8 2022, 03:25 PM
gooroojee
post Apr 5 2022, 11:28 PM

LowYee
******
Senior Member
1,915 posts

Joined: Feb 2012
There are plenty of ways but you're purportedly a multi millionaire and yet posting here looking for free (the worst kind) advice on a public forum...

A fool and his gold...
Nutbeater69
post Apr 6 2022, 12:04 AM

Getting Started
**
Junior Member
221 posts

Joined: Nov 2021
So many parking wow so many rich fellas ah
Etude8891
post Apr 6 2022, 12:17 AM

New Member
*
Junior Member
32 posts

Joined: Apr 2022


Sounds pretty risky to suddenly have several millions of ringgit appearing in your bank accounts, might trigger income tax flags.
TSSecretx
post Apr 6 2022, 03:38 AM

New Member
*
Junior Member
37 posts

Joined: Oct 2010


QUOTE(gooroojee @ Apr 5 2022, 11:28 PM)
There are plenty of ways but you're purportedly a multi millionaire and yet posting here looking for free (the worst kind) advice on a public forum...

A fool and his gold...
*
I never say free smile.gif
TSSecretx
post Apr 6 2022, 03:42 AM

New Member
*
Junior Member
37 posts

Joined: Oct 2010


QUOTE(Nutbeater69 @ Apr 6 2022, 12:04 AM)
So many parking wow so many rich fellas ah
*
your Azuki jpeg pretty expensive too tongue.gif

7 Pages  1 2 3 > » Top
 

Change to:
| Lo-Fi Version
0.0261sec    0.47    6 queries    GZIP Disabled
Time is now: 29th March 2024 - 12:58 AM