Updates on Crypto Taxation in Asia 2019

Asia Blockchain Review
January 8, 2020

In 2019, numerous countries in Asia have issued laws and regulations on crypto taxation, as regulators are beginning to understand the importance of digital assets. A higher number of investors are also taking an interest in crypto-related projects.

China Defines Bitcoin as Virtual Property

According to Cointelegraph, a major move for Chinese regulators in 2019 was when a Chinese court legally recognized Bitcoin as virtual property in July. 

Though China has yet to announce any specific rule for crypto taxation, many have speculated that this ruling may urge tax authorities in the nation to decide on a policy on crypto taxation in the near future.

Singapore Exempts Taxes for Cryptocurrencies

Meanwhile, the Inland Revenue Authority of Singapore (IRAS) has approved a draft e-tax guide, which suggested that cryptocurrencies that are intended to function as a medium of exchange are exempt from the nation’s Goods and Services Tax (GST) from January 2020 onwards.

Moreover, the IRAS also revealed that stablecoins will be exempt from GST, or the country’s value-added tax, as well.

Thailand to Implement Blockchain-Powered Tax Return System

In Thailand, the Excise Department has revealed that it will transform its tax return practices by launching a blockchain-enabled tax return system by mid-2020.

According to an official from the department, oil exporters will be able to pay excise tax and request tax returns after fuel has been delivered, with blockchain technology to assist the department with assessing tax payments with more efficiency.

Today, while oil exporters already have specific documents to submit in order to waive their taxes, the quality of inspection for each case could be improved.

Source: https://cointelegraph.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Infinity Blockathon 2020 for City Tranformation Kick-off
    The “Infinity Blockathon 2020 for City Transformation” event hosted by Infinity Blockchain Ventures ...

    June 30, 2020

    EMURGO Partners With Blue Korintji Coffee
    EMURGO has decided to partner with Blue Korintji Coffee -  a local Indonesian coffee brand - to inte...

    June 25, 2020

    Reunion Meet-up After COVID-19 Launch For Blockathon In Vietnam
    The meet-up for the event of “Infinity Blockathon for City Transformation 2020” (July - Nov 2020) or...

    June 22, 2020

    Swiss Cordata Association Sets Up International Blockchain Laboratory
    Swiss Cordata Association sets up international blockchain laboratory to support the development of ...

    June 22, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us