Virtual currency not free from taxman

Singapore

THE Bitcoin ecosystem might be taking baby steps in Singapore, but looks set to run up against the taxman where the goods and services tax (GST) and income tax are concerned, say Bitcoin pioneers here.

While the Inland Revenue Authority of Singapore (IRAS) has not made any explicit pronouncements about the tax treatment of the cryptocurrency so far, parts of it have progressively trickled to the community over previous months.