Singapore Finance Minister confirms that income tax will apply to NFTs
Singapore Finance Minister, Lawrence Wong, has confirmed in a statement in Parliament on Friday that the income tax rules will also apply to NFT or non-fungible tokens. This comes at a time when the entire world is dealing with crypto regulations and Singapore has already become the world's most crypto-friendly economy, as per a recent report.
Singapore Finance Minister on NFTs
In a report presented by BusinessTimes, Singapore Finance Minister has confirmed that NFTs will be taxable as income. The statement from Wong came as a reply to Yio Chu Kang SMC Member of Parliament Yip Hon Weng wherein Wong also added that the treatment of NFTs as an income "will be determined based on the nature and use of the NFT."Thus, it can be concluded that Singapore is ready to tax any and everyone who is gaining income from NFT collection or trading these blockchain-based digital tokens who have become one of the most talked-about topics in the blockchain industry. Moreover, if someone is gaining capital from NFT transactions, "such gains will not be taxable" as "Singapore does not have a capital gains tax regime," revealed Wong.
Strict or lenient policies?
Despite being considered a haven for cryptocurrencies and their collectors, the nation is rapidly taking steps to regulate the industry and use the underlying technology for its benefit. It is important to note that recently, the Monetary Authority of Singapore (MAS) has issued guidelines wherein it refuted digital asset service providers from advertising their services to the citizens of the nation.It is to be noted that the nation is not raining down heavily on cryptocurrencies. It is merely preventing the occurrence of scams. Recently, Singapore suspended Bitget Exchange for the promotion of a scam coin called Army Coin. However, the nation is actively looking into new ways to use blockchain technology to benefit its citizens.
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