Unlike the cryptocurrency miners in China cryptocurrency mining is not illegal in Singapore. For this reason Singapores Ministry of Law has urged market participants to do due diligence before accepting them as forms of payment.
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Cryptocurrency exchanges and trading are legal in Singapore although cryptocurrencies are not considered legal tender.
Is crypto mining legal in singapore. There is no legislation in the Republic of Singapore that specifically relate to the mining of Bitcoin and other cryptos although mining of cryptocurrency and Bitcoin in Singapore. In a guidance piece published on 17 April 2020 IRAS clarified that The taxability of a miners profits from the disposal of payment tokens including those obtained from a mining pool depends on whether the miner performs the mining.
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