Cryptocurrencies have taken the world by storm. Since Bitcoin was launched in 2009, more than 10,000 different crypto projects have sprung up, some of which have witnessed an exponential rise in popularity and value. As such, the global market cap of the crypto industry currently stands at a whopping $1 trillion. This growth has led more and more people to pour money into these digital assets.
Singapore is one of the most crypto-friendly countries in Southeast Asia. It is also one of the world's most stable economies and is a hub for fintech companies. The country encourages innovation, which can be seen in its pro-crypto stance.
Capital gain tax is not levied on cryptocurrencies. Individuals and corporates having cryptocurrency funds are also exempt from taxation. However, if a business receives payments in cryptocurrency or conducts cryptocurrency trading, they are subject to income tax. The country is also home to many crypto companies like the Kyber Network, Qtum, Zilliqa, Crypto.com, etc.
