Singapore Compliance Report

Regulatory Overview

Regulatory Status

Dedicated crypto/VA legislation, licensing regime, active enforcement

Key Regulator(s)

Monetary Authority of Singapore, Accounting and Corporate Regulatory Authority, Inland Revenue Authority of Singapore, Ministry of Law

Risk Level

low

Primary Legislation

Payment Services Act 2019 (2019), Securities and Futures Act (2001), MAS Payment Services Act (PSA), MAS FAQs on the Payment Services Act (particularly Section 2.3 for DPTs), Payment Services Act 2019 (PSA): Core law regulating DPT services (e.g., exchang, Securities and Futures Act 2001 (SFA): Applies to crypto resembling securities o, Financial Services and Markets Act 2022 (FSMA): Regulates digital token service

Travel Rule

Adopted — Threshold: $1,500

Tax Reporting

No capital gains tax; income tax if trading is a business; GST does not apply to DPT-for-fiat exchange. For Businesses (Companies and Sole Proprietors):. Trading of Digital Tokens: Profits derived from the trading of digital tokens (e.g., crypto exchanges, mining operations, professional traders) are treated as taxable income under the Income Tax Act.. Holding Digital Tokens as Inventory: If digital tokens are acquired with the intention of sale, they are treated as inventory, and profits from their disposal are taxable.. Using Digital Tokens to Pay for Goods/Services: If a business accepts digital tokens as payment, the value of the goods/services supplied will be recorded based on the market value of the digital tokens at the time of transaction.

Key Facts

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