The Inland Revenue Authority of Singapore (IRAS) has published a revised e-Tax Guide on Income Tax Treatment of Digital Tokens, dated 9 October 2020. The e-Tax Guide provides guidance on the income tax treatment of transactions involving digital tokens, including payment tokens, utility tokens, and security tokens. A digital token refers to any cryptographically-secured digital representation of value that can be transferred, stored, or traded electronically.
The IRAS position on payment to…