On 05 July 2020, an IRAS e-Tax Guide (Draft) was published by the Inland Revenue Authority of Singapore (IRAS) that tends to explain the treatment of Goods and Service tax (GST) for the transactions that involve digital currencies as a medium of exchange. The draft referred to cryptocurrencies as digital payment tokens. Moreover, crypto enthusiasts and folks who wanted to spend their cryptocurrency like cash, cryptocurrencies will not be subject to any GST under this new guidance, changes will take effect from January 1, 2020. Furthermore, it states in the draft that if one is paying digital tokens (cryptocurrency) for
