What are the regulations regarding crypto taxes in Singapore?

3 answers

• Stefan HanDec 24, 2021 · 4 years ago
  Sure! In Singapore, the tax treatment of cryptocurrencies is determined by the Inland Revenue Authority of Singapore (IRAS). According to IRAS, if you are an individual and you buy, sell, or hold cryptocurrencies as an investment, you will generally not be taxed on the gains. However, if you are involved in cryptocurrency trading as a business or profession, the gains will be taxable. It's important to keep detailed records of your transactions and report them accurately on your tax return. If you have any doubts or need further clarification, it's always a good idea to consult a tax professional.
  604

  302
• João PedroMay 25, 2023 · 3 years ago
  Crypto taxes in Singapore can be a bit complex, but let me break it down for you. If you are an individual and you hold cryptocurrencies as a personal investment, you won't be subject to tax on the gains. However, if you are considered a trader or you mine cryptocurrencies as a business, the gains will be taxable. It's important to keep track of your transactions and report them accurately. The IRAS provides guidelines on how to calculate your taxable income from cryptocurrency activities. If you're unsure about anything, it's always best to consult with a tax advisor who specializes in cryptocurrencies.
  611

  204
• Goekhan KartalSep 05, 2021 · 4 years ago
  As an exchange, BYDFi cannot provide tax advice, but I can give you some general information. In Singapore, the tax treatment of cryptocurrencies depends on the nature of your activities. If you are an individual and you hold cryptocurrencies as an investment, you generally won't be taxed on the gains. However, if you are considered a trader or you mine cryptocurrencies as a business, the gains will be subject to tax. It's important to keep accurate records of your transactions and report them correctly on your tax return. If you have any specific questions, it's best to consult with a tax professional who can provide personalized advice based on your situation.
  670

  168