Singapore Crypto Tax Guide 2026
Our Singapore Crypto Tax guide covers everything you need to know about the tax rules in Singapore, including capital gains, business income, and more.
Singapore is a very crypto tax-friendly country, as there is no Capital Gains Tax for individual investors.
However, if you’re trading crypto frequently and at scale, your profits may be considered business income.
Income Tax applies to business income, as well as crypto received as payment for goods and services.
Any taxable income from crypto must be reported by April 18 each year.
This guide is regularly updated...
Is crypto taxed in Singapore?
For individual investors, there is no capital gains tax or income tax on crypto, making Singapore one of the most tax-friendly countries in the world.
How much tax do you pay on crypto in Singapore?
Individual investors pay no tax on profits from crypto. Meanwhile, profits from professional trading may be considered business income and taxed at up to 24%.
Additionally, an 8% Goods and Services Tax (GST) may apply on fees when you purchase, sell, or trade cryptocurrencies that are not officially classed as digital payment tokens.
How is crypto taxed in Singapore?
Tax on crypto in Singapore depends on whether you’re an individual investor or a trader with business income, as well as the type of token you’re investing in.
Individual investors pay no tax on profits, but if you’re investing like a trader, for example, with frequent short-term profits, this may be classed as business income and subject to tax.
As well as this, an 8% GST may apply to transaction fees on cryptocurrencies that are not classed as digital payment tokens.
It can all get a little convoluted, so let’s break it down.
Capital gains vs. business income
Profits from your trading activity may be classed as income, even if you don’t have a business entity set up.
The Inland Revenue Authority of Singapore (IRAS) may classify profits as business income when your activities extend past personal investment. This is decided on a case-by-case basis, but the IRAS looks at several factors to decide this, including:
The frequency and volume of your trading activity.
The holding period of your assets.
The organisation of your trades.
Supplementary work, such as marketing efforts.
The intention behind purchases.
In summary, if you’re holding for long periods and trading infrequently, your profits will likely be tax-free as an individual investor. Whereas if you’re trading short-term frequently, at volume, and in a structured manner with an intent to make a profit, your profits may be taxable business income.
You should speak to an experienced crypto accountant in Singapore for advice on your individual circumstances.
Tax rates on business income
If you do have taxable business income, your tax rate varies depending on whether you’re a resident or non-resident. Residents will pay up to 24% depending on their total annual income:
| Taxable Income (SGD) | Tax Rate |
|---|---|
| Up to $20,000 | 0% |
| $20,001 – $30,000 | 2% |
| $30,001 – $40,000 | 3.5% |
| $40,001 – $80,000 | 7% |
| $80,001 – $120,000 | 11.5% |
| $120,001 – $160,000 | 15% |
| $160,001 – $200,000 | 18% |
| $200,001 – $240,000 | 19% |
| $240,001 – $280,000 | 19.5% |
| $280,001 – $320,000 | 20% |
| $320,001 – $500,000 | 22% |
| $500,001 – $1,000,000 | 23% |
| Over $1,000,000 | 24% |
If you’re not a resident, most of your income is taxed at 24%. If it’s a regular job salary, it can be taxed at 15% flat or the same way as residents (with deductions), whichever gives the government more tax. If you’re a non-resident director, you don’t get the lower rate; 24% tax is taken straight out of your director’s pay.
Tokens and GST
For digital payment tokens (DPTs) like Bitcoin, Ether, Litecoin, Ripple, and so on, since January 2020, buying, selling, or swapping them is exempt from GST. That means if you trade DPTs for other DPTs, or convert them into dollars, there’s no GST.
However, for other tokens, not classed officially as digital payment tokens, an 8% GST may apply on transaction fees.
How are different transactions taxed in Singapore?
With the basics out of the way, let’s take a look at how some common crypto transactions may be taxed.
Buying, holding, transferring
Tax-free. However, 8% GST may apply to crypto transaction fees where tokens are not classed as digital payment tokens.
Selling
Tax-free for individual investors. 8% GST may apply to fees for non-digital payment tokens. Income Tax if profits are categorized as business income.
Trading
Tax-free for individual investors. 8% GST may apply to fees for non-digital payment tokens. Income Tax if profits are categorized as business income.
Spending
Buying something with cryptocurrency is tax-free in Singapore. GST may apply to fees depending on the type of token. GST may apply to the goods themselves.
Mining rewards
Mining rewards for hobby miners will generally be tax-free upon receipt and if later sold.
For those mining crypto as a business, profits will be classed as business income and subject to Income Tax.
Staking rewards
If you earn more than $300 (SGD) annually, your staking rewards will likely be subject to Income Tax.
Lending interest
If you earn more than $300 (SGD) annually, any interest or rewards from lending crypto will likely be subject to Income Tax.
Are crypto losses tax-deductible?
Just as capital gains or income from crypto are not taxable in Singapore, losses are not deductible.
If you’re running a business, you may be able to deduct crypto losses against income.
How to report crypto on taxes in Singapore
If you have income from crypto, you’re required to report it on your tax return, whether you’re a resident or non-resident.
In Singapore, the financial year is the same as the calendar year (January 1 to December 31), so you’ll report income from this period in your tax return. The deadline to file is April 15 for paper filing and April 18 for e-filing.
To file, you need to group all your crypto transactions into two categories:
Crypto used for money, goods, or services
Crypto investment gains
You can see the applicable forms you may need on the IRAS site.
How a crypto tax calculator like Koinly can help…
Koinly is a crypto tax calculator that can help you calculate your gains, losses, income, and more, as well as generate tax forms, to help you easily file with the IRAS, or to hand over to your accountant.
Koinly supports more than 900+ exchanges, wallets, and blockchains to make importing your transaction data easy and supports SGD, as well as all common accounting methods.
Source of the article Koinly
