On or about 19 November 2019, the Inland Revenue Authority of Singapore (IRAS) has released information on Digital Payment Tokens.
A digital payment token refers to any cryptographically-secured digital representation of value that is used or intended to be used as a medium of exchange.
IRAS details further information such as:
- Characteristics of a Digital Payment Token
- Supply of Digital Payment Tokens from 1 January 2020, Exempt Supply
- Supply of Virtual Currencies (Including Digital Payment Tokens) Before 1 January 2020
- • What qualifies as a Digital Payment Token
- • Supply of Digital Payment Tokens from 1 January 2020 exempt from GST
- • Supply of Virtual Currencies (Including Digital Payment Tokens) Before 1 January 2020 being treated as taxable supply of services.
For more information, please visit the IRAS website.
Source: IRAS website, 19 November 2019