0% Capital Gains — Unless IRAS Says You're Trading
Singapore has no capital gains tax for investors. But if IRAS decides your activity looks like a business, your profits become taxable income at up to 24%. The line between investor and trader is thinner than you think.
Singapore crypto tax at a glance.
Tax treatment of common activities.
How Singapore taxes different crypto activities depending on classification.
| Activity | Taxable? | Notes |
|---|---|---|
| Selling crypto (investment) | No | No CGT in Singapore. Investment disposals are tax-free |
| Selling crypto (trading) | Yes | If IRAS classifies as business activity: income tax up to 24% |
| Crypto-to-crypto swap | Depends | Tax-free if investment, taxable if business/trading |
| Paid in crypto | Yes | Income at FMV in SGD when received. Normal employment/income tax rates |
| Staking rewards | Depends | Hobby: likely not taxable. Business-scale: taxable as income |
| Mining | Depends | Hobby: not taxable. Business: taxable income, but expenses deductible |
| Airdrops (unsolicited) | No | Not taxable on receipt if genuinely unsolicited |
| Airdrops (for services) | Yes | Income if received for work or services |
| Buying crypto with SGD | No | Track cost basis for future classification |
| NFTs (investment) | No | No CGT — same as crypto |
| NFTs (trading) | Yes | If IRAS considers it business activity |
Rules you need to know.
The ‘Badges of Trade’ Test
IRAS doesn’t have a simple rule for investor vs trader. Instead, they assess multiple factors: frequency and volume of trades, holding period, how organized your activity is, whether you do supplementary work (research, marketing), and your stated intention. High-frequency bot trading is more likely to be classified as business activity.
GST Exemption for Digital Payment Tokens
Since January 2020, buying, selling, or swapping Digital Payment Tokens (BTC, ETH, LTC, etc.) is GST-exempt. But tokens that don’t qualify as DPTs may still attract 9% GST on transaction fees.
No Loss Deduction for Investors
Since investment gains aren’t taxable, investment losses aren’t deductible either. But if you’re classified as a business trader, losses CAN offset business income. This creates a paradoxical situation where some active traders may actually benefit from business classification.
International Scrutiny Is Increasing
Singapore participates in international data-sharing frameworks. IRAS can request data from exchanges and may receive information from other jurisdictions. The “no one will know” assumption is increasingly dangerous.
Sound familiar?
We analyze your trading pattern against IRAS’s badges of trade criteria and prepare a clear classification memo. If you’re borderline, we structure the analysis to support the most favorable position.
We assess each income stream against IRAS criteria. Hobby-level passive staking is likely not taxable, but significant DeFi farming may cross into business income territory.
Singapore doesn’t tax gains on crypto acquired before you became a tax resident. We help separate pre-move from post-move activity and establish clean cost basis records.
Singapore crypto tax questions.
Is crypto taxed in Singapore?
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Investment gains from crypto are not taxed in Singapore — there is no capital gains tax. However, if IRAS classifies your activity as a business or trade, profits are taxable as income at rates up to 24%.
How does IRAS determine if I’m a trader or investor?
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IRAS uses ‘badges of trade’ including trading frequency, holding period, level of organization, and intent. Occasional buying and holding is investment; frequent, structured trading may be classified as business.
Are staking rewards taxable in Singapore?
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It depends on scale and frequency. Hobby-level staking is likely not taxable. Business-scale staking or yield farming may be classified as taxable income.
Your Singapore Crypto Tax Filing Checklist
Everything you need before filing. Tick these off and you're ready.
- ☐All exchange accounts — API keys or CSV exports
- ☐DeFi wallet addresses
- ☐Trading frequency data (to assess investor vs trader classification)
- ☐Staking/mining/DeFi reward records
- ☐Records of crypto received as payment/salary
- ☐NRIC or FIN (tax identification)
- ☐Previous tax filings
- ☐Records of any crypto activity before becoming Singapore resident (if applicable)
- 💡Singapore participates in international data-sharing frameworks. IRAS can request data from exchanges and receive information from other jurisdictions.
Get your Singapore crypto taxes sorted.
IRAS-ready reports within 10 calendar days. Fixed pricing. No surprises.
Get Your Singapore Crypto Tax Quote →This page provides general guidance about Singapore crypto taxation and is not personalised tax advice. Tax rules change frequently. Consult a qualified Singapore tax adviser for advice specific to your situation.