FAQs
Singapore has no capital gains tax for individuals not engaged in regular trading or business activity with crypto, making it a crypto tax free country. However, Singapore applies an 8% goods and services tax to fees when you purchase, sell, or convert crypto, for instance, on a centralized exchange.
How to get a crypto license in Singapore? ›
To apply for a crypto license in Singapore, a company must necessarily be registered in Singapore. The company shall be operating from a local office where the books and records are held. The company must register an authorized capital of minimum 100.000 SGD (250.000 SGD in the case of a Major Payment Institution).
How to open a bitcoin account in Singapore? ›
Create a Coinbase account
Download the Coinbase app and start the sign up process. You will need a valid ID and may be asked for proof of address in order to transact, so be sure to have those ready. Verifying your ID may take longer than a few minutes, depending on where you live.
How to sell crypto in Singapore? ›
How to sell Bitcoin Cash in Singapore
- Create account. Securely register your personal, or business account and verify your identity.
- Deposit. Instantly deposit Bitcoin Cash and other crypto assets 24/7.
- Sell Bitcoin Cash (BCH) Place a market or limit sell order. Alternatively, use our OTC desk for high-value trades.
Is Singapore a crypto-friendly country? ›
Key takeaways. Singapore is one of the friendliest countries for cryptocurrency in the world with a 0% capital gains tax for individual investors. If you're trading cryptocurrency on a frequent, short-term basis, your income may be considered business income and taxed accordingly.
What are the benefits of cryptocurrency in Singapore? ›
The benefits of cryptocurrencies for the global economy are thought to range from lower transaction fees for the online exchange of money, to increased protection from identity theft due to the secure nature of cryptocurrencies.
Which bank is crypto-friendly in Singapore? ›
DBS Digital Exchange (“DDEx”) offers trading services for various digital assets including security tokens and cryptocurrencies.
Can foreigners buy crypto in Singapore? ›
Singapore is a major crypto and blockchain hub. Anyone of legal age can purchase Bitcoin, Ethereum, and other cryptocurrencies, and cryptocurrency is not regulated within Singapore — this lack of regulation comes with both advantages and disadvantages.
How many people in Singapore own Bitcoin? ›
According to a survey conducted in November 2022, Bitcoin was the preferred cryptocurrency among crypto owners in Singapore, with more than 31 percent of respondents indicating that they owned Bitcoin.
Is selling crypto illegal in Singapore? ›
Under the PSA, digital currencies are referred to as digital payments tokens (DPTs), with Bitcoin (BTC) and Ether (ETH) recognized as cryptocurrencies by the MAS. This makes approved cryptocurrencies legal assets in Singapore, allowing them to be treated similarly to other asset classes.
Cash out your SGD balance
- Sign in to your Coinbase.com account.
- Select My assets in the navigation bar.
- Select Singapore Dollar from your assets list.
- The Cash out tab is automatically selected.
- Enter the amount of SGD you want to cash out. ...
- Select Continue and choose a bank account.
Which crypto exchange is best in Singapore? ›
Considered DPTs (digital payment tokens), crypto is regulated by the MAS in Singapore. Based on Similarweb data, the top exchanges in Singapore by traffic are Binance, OKX, Coinbase, Crypto.com, CoinHako, and Bitrue.
Is trading income taxable in Singapore? ›
As a self-employed person, you will need to report your income earned from the performance of your services/ trading activities as Business income in your income tax form. You may claim business expenses incurred against the business income (subject to deductibility rules).
Can you pay with crypto in Singapore? ›
Crypto is not considered legal tender in Singapore, but it can be used as an alternative means of payment (Legal tender refers to the officially-recognized currency that can be used to settle debts and fulfill financial obligations within a country).
Is there capital gains tax in Singapore? ›
There is no capital gains tax in Singapore. As a consequence, no income tax is due on sales of shares, properties, intangible assets, etc. This may be different, if the income is seen to have been derived from economic activities in conducting ones' business.
Do I have to pay taxes on my crypto? ›
The IRS treats cryptocurrencies as property for tax purposes, which means: You pay taxes on cryptocurrency if you sell or use your crypto in a transaction, and it is worth more than it was when you purchased it. This is because you trigger capital gains or losses if its market value has changed.