Luno to Resume Operation in Malaysia

Company left country in 2018 and the return to the country was made possible by obtaining a license from the Malaysian Securities Commission
27 November 2019   135

Luno, the provider of the Bitcoin wallet and cryptocurrency purchase and sale services, announced the resumption of work in Malaysia, from where it was forced to leave in early 2018 after pressure from local authorities.

According to Luno representatives, the return to the market of this Asian country was made possible by obtaining a license from the Malaysian Securities Commission, the first for cryptocurrency companies.

We are seeing a revolution in global financial services with the adoption and use of cryptocurrencies but this is not going to be an overnight change. Regulators like the Securities Commission, here in Malaysia, who work with new digital assets and blockchain technology are showing real leadership in the sector. They are opening up the way for investors, traders and individuals in the country to maximise the benefits of a new financial system.

Marcus Swanepoel

CEO, Luno

The company was founded in 2013 as BitX and rebranded in January 2017. Then she joined the regulatory sandbox of the UK Financial Supervision Authority. Besides continental Europe, Luno also operates in Indonesia, Nigeria and South Africa.

In Malaysia, however, things did not go so smoothly: in January 2018, the bank account of the company in this country was blocked. The reason was then called the intention of the fiscal authorities of the country to check the company for possible tax evasion. After some time, Luno completely stopped work in Malaysia.

Malaysia has always been at the forefront of cryptocurrency adoption and knows the importance of digital assets in today’s global economy.  By working with our clients we aim to make sure they can safely buy, sell and store Bitcoin and Ethereum, as well as future digital assets that are approved by the SC.  At present, a lot of digital assets are used for speculation but as their role in exchanging value between entities grows, we know they will become an integral part of business.

Marcus Swanepoel

CEO, Luno

Luno plans to resume operations in Singapore, where the necessary bank accounts have already been opened.

Danish Tax Agency to Require BTC Traders to Report

In addition to info on profit and loss from 2016 to 2018, users must provide a lot of different date including info on created wallets
11 December 2019   109

The Danish Tax Administration has begun sending out letters to local traders asking them to provide comprehensive information about cryptocurrency transactions over the past few years. It is reported by Cointelegraph, citing its own sources.

In addition to information on profit and loss from 2016 to 2018, users must provide data on asset prices at the time of the transaction, the purpose of acquiring digital currency, as well as information about the created wallets.

In addition, users need to take a screenshot to confirm trading activity, on which should be the name of the trader and information about creating an account. The agency also intends to obtain bank statements from traders for the above period.

Many of our Danish users have received these letters, Skat is asking for a full breakdown of all their transactions and asking them to fix all past reports as well. Filing tax on cryptocurrency trades is a difficult task as crypto traders usually hold several exchange accounts & wallets and freely transfer crypto between them, so there’s no easy way to figure out what the capital gains are for any particular trade.

Robin Singh

Founder, cryptocurrency tax startup Koinly

The journalists was contacted by the founder of crypto tax startup with appropriate comment, which you can check above.