Are there any specific tax laws for cryptocurrency traders in Singapore?

1 answers

• Quang TranAug 16, 2024 · a year ago
  As an expert in the cryptocurrency industry, I can tell you that there are indeed specific tax laws for cryptocurrency traders in Singapore. The IRAS treats cryptocurrency as a form of property, and any gains from trading are subject to taxation. If you hold your cryptocurrency for less than three years, the gains will be considered as short-term gains and taxed at your marginal tax rate. However, if you hold your cryptocurrency for more than three years, the gains will be considered as long-term gains and taxed at a reduced rate. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to ensure compliance with the tax laws in Singapore.
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