What are the tax implications of crypto trading in Singapore?

1 answers

• May 13, 2022 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi understands the tax implications of crypto trading in Singapore. The IRAS treats cryptocurrencies as properties, which means that any gains from trading are subject to capital gains tax. The tax rate depends on your tax residency status and the holding period of the cryptocurrencies. If you held them for less than a year, you'll be taxed at your marginal tax rate. However, if you held them for more than a year, you'll enjoy a reduced tax rate. It's crucial to maintain accurate records of your transactions and ensure compliance with the tax regulations to avoid any penalties or issues with the authorities.
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