SolanaBlenderSingapore Crypto Tax Guide (IRAS Overview)
This page summarises how the Inland Revenue Authority of Singapore (IRAS) treats cryptocurrency for tax purposes. It explains when income tax applies, how GST is handled, and why wallet hygiene helps maintain compliant records while preserving privacy.
1) IRAS view on digital payment tokens
IRAS distinguishes between capital transactions and income transactions. Most individual crypto investors are not subject to capital gains tax, but crypto earned as part of business or trade is taxable as income.
This summary is educational only and does not constitute legal or tax advice.
2) Taxable crypto activities in Singapore
Trading or business use
Profits from frequent trading or business activities involving crypto are taxable as income.
Mining and staking
Rewards may be treated as income if earned with a profit motive or on behalf of a business.
Goods and services
Since 2020, digital payment tokens are exempt from GST when used for transactions in Singapore.
Capital holding
Gains from personal long-term investments are generally not taxed if not made in the course of business.
3) Record-keeping and wallet hygiene
- Keep transaction dates, values in SGD, counterparties, and wallet addresses.
- Maintain clear separation between investment, income, and operational wallets.
- Record exchange rates used for conversions to SGD.
- Retain records for at least five years as required by IRAS.
SolanaBlender helps maintain privacy by separating transaction flows while preserving accurate internal records for reporting.
4) Official resources
Explore related guides: UK (HMRC) · U.S. (IRS) · EU (MiCA)