What are the tax implications for cryptocurrency traders in Singapore?

1 answers

• Song StorgaardMar 07, 2024 · 2 years ago
  Cryptocurrency traders in Singapore should be aware of the tax implications. The Inland Revenue Authority of Singapore (IRAS) treats cryptocurrency as a form of property, and any gains from trading are subject to tax. If you hold your cryptocurrency for less than 3 years, the gains will be taxed at your marginal tax rate. However, if you hold it for more than 3 years, the gains will be tax-exempt. It's important to keep track of your trading activities and report your gains accurately to comply with the tax regulations in Singapore. If you have any further questions, feel free to ask!
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