On or about 19 November 2019, the Inland Revenue Authority of Singapore (IRAS) has published the first edition of e-Tax Guide GST: Digital Payment Tokens.

This first edition of e-Tax Guide sets out the GST treatment of transactions involving digital tokens or cryptocurrencies that function or are intended to function as a medium of exchange (“digital payment tokens”), which will take effect from 1 January 2020.

It is essential to businesses that transact in digital payment tokens, including:

  1. buying and selling digital payment tokens; or
  2. using digital payment tokens as payment/consideration; or
  3. making loans of digital payment tokens; or
  4. charging a fee or commission to facilitate the transfer, purchase or sale of digital payment tokens; or
  5. issuing digital payment tokens, such as through an Initial Coin Offering (ICO).

For more information, please visit the IRAS website.

Source: IRAS website, 19 November 2019