The concepts of digital assets, crypto-assets, virtual currencies and cryptocurrencies, seem to be similar but they are different. A cryptocurrency (for example Bitcoin) may have equivalent value in real currency and can be exchanged for real currency, behaving like a legal tender. However cryptocurrencies (like crypto-assets) are customarily used and accepted as a medium of exchange and have no legal tender status in any jurisdiction. As a result, cryptocurrencies are classified differently around the world. This affects businesses in the fintech industry as there are no formal account reporting standards and different withholding tax issues to assess in the various jurisdictions.
Tokenup Technology is a registered Filling Agent under Section 28F of the Accounting and Corporate Regulatory Authority Act in Singapore. We have a team of professionals from the fintech industry, bringing about a wealth of background resources and valuable experiences. Since 2017, we have been assisting businesses in the fintech industry with their crypto account reporting and tax treatment in Singapore.
Please contact us at [email protected] for more information on our innovative crypto account reporting and taxation services.