Cryptocurrencies Regulatory Landscape in Singapore
The Payment Services Act came into force in 28 January 2020, Crypto firms are under MAS’s regulatory scope; Crypto firms should comply with AML & CTF requirements; A list of cryptocurrency firms has been published to exempt them from holding a payments license in Singapore until 28 July 2020; New e-tax guide for digital tokens was published, payment tokens are taxable except airdrops or hard forks; utility tokens are deductible; security tokens are taxable only when classified as a “revenue asset”; ICOs issuing utility tokens are taxable as soon as they deliver the goods.
My Daily Crypto Journal: https://coil.com/u/TheCryptoJournal
Extended Fluff: https://coil.com/u/eri
Find me on twitter: @sentosumosaba
Thank you so much for watching.