SINGAPORE'S prevailing income tax rules will apply to transactions of non-fungible tokens, or NFTs, said Finance Minister Lawrence Wong in Parliament on Friday (Mar 11).

In a parliamentary reply to Yio Chu Kang SMC Member of Parliament Yip Hon Weng, Wong said that the income tax treatment "will be determined based on the nature and use of the NFT".

For instance, it will apply to individuals who derive income from NFT transactions or from trading in NFTs, he said.