Cryptocurrencies in Singapore are Not legal tender, although it requires registration with the Monetary Authority of Singapore, Crypto exchange is considered Legal.
Singapore has established a S$12 million ($8.97 million) scheme to strengthen its capabilities in blockchain technology – and its first project is focused on farmer finance. Dimuto is one of the main blockchain companies in Singapore.
Taxes and Regulation
Singapore’s tax authority treats Bitcoins as “goods” and as Property. Businesses that buy and sell digital tokens in the ordinary course of their business will be taxed on the profit derived from trading in the digital token. Profits derived by businesses which mine and trade digital tokens in exchange for money are also subject to tax.