Singapore government recognizes Bitcoin trading

Singapore government recognizes Bitcoin trading

The Singapore government recently recognized Bitcoin transactions and introduced tax provisions for Bitcoin transactions. In an email sent by the Singapore tax agency to Singapore Bitcoin intermediary CoinRepublic, the former stated that for companies engaged in Bitcoin trading in Singapore, a certain tax will be levied based on their sales income, but if Bitcoin is used as a company's investment portfolio for long-term investment, then the income will not be taxed.

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