Singapore government to tax some bitcoin transactions
Singapore-registered companies who buy and sell bitcoins or exchange the digital currency for other goods and services must pay taxes for these transactions, says the Inland Revenue Authority of Singapore (IRAS), Singapore’s tax authority. The government’s stance towards the volatile cryptocurrency, which once again soared above $1,000 in price, echoes countries like Germany, Norway, and the United Kingdom, all of which deemed Bitcoin taxable. In a series of emails sent to Singapore-based Bitcoin brokering service Coin Republic, which sought clarifications on the government’s position....
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While some world governments are taking a hands-off approach when it comes to bitcoin, others are getting their hands right in there and seeing potential for additional revenue. News reports out indicate that the Singapore government is planning to tax a cut of some bitcoin transactions. Reportedly, companies registered in Singapore who exchange bitcoin for goods and services or buy/sell bitcoin are subject to being taxed, according to the Inland Revenue Authority of Singapore (IRAS) - the country's tax authority. On the other hand, companies who purchase bitcoin and hold for the long-term....
The government of Singapore has revealed the number of crypto scams reported to the police in the past three years. “The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” said Singapore’s minister for home affairs. Singapore Government’s Data on Cryptocurrency Scams The Singaporean government has revealed the number of reports related to cryptocurrency scams the police received in the past three years. In a written reply to a parliamentary....
Singapore is the perfect place to sell and store precious metals thanks to its stable government and friendly tax environment, says the co-founder of a new company trading bullion for bitcoin. BullionStar.com CEO Torgny Persson is a Singapore-based expat, who started Swedish bullion dealer LibertySilver.se in 2008 and Estonian LibertySilver.ee in 2011. He moved to Singapore after discovering the government there was removing GST (goods and services tax) on precious metals in 2012. Rather than increasing red tape and discouraging bullion investment like other countries, he said, Singapore....
Bitcoin can be regulated in a number of ways and control of the operators is the choice that Singapore officials decided to make. So, looks like Singapore government decided to put all paperwork in the hands of the Bitcoin traders. Quite convenient indeed, why regulate transactions if one can just take a sneak peek at those who commit the acts of turning fiat into digital coins and back. This idea came from the Monetary Authority of Singapore (MAS) previous Thursday. Ong Chong Tee, the Managing Deputy Director has supported the government’s intention with a warning statement that users of....
IBM expanded its blockchain efforts in Singapore today with news it will open the Center for Blockchain Innovation in partnership with the Singapore government. Coming just week after the company announced it would open a new facility in Singapore for 5,000 computer scientists, today’s news is suggestive of what has been called a high level of support for blockchain technology in the region. Robert Morris, vice-president of Global Labs at IBM Research, said in a statement that advances in cloud services are making the distributed ledger technology more widely accessible in new regions and....