The Singapore Revenue Agency publishes a draft on how to impose a Goods and Services Tax (GST) on payment-type cryptocurrency (DPT) transactions.

On July 5, the Singapore Revenue Agency (IRAS) published a draft on how to impose a Goods and Services Tax (GST) on payment-type cryptocurrency (DPT) transactions, which stipulates which cryptocurrency is in which mode. You can be exempt from paying Goods and Services Tax (GST). These include: 1. Payment of goods or services using digital payment tokens will not trigger a taxable supply of tokens; 2. Coin or other digital payment token exchange digital payment tokens will be exempt from GST. According to the draft, according to Singapore's current tax laws, when using goods and services to purchase goods and services, there will be repeated taxation, because the Singapore Revenue Agency has decided not to continue to pay for the payment class since January 1, 2020. The cryptocurrency is subject to a Goods and Services Tax (GST), and consumers are still required to pay taxes before the draft is officially implemented.