Singapore will implement the OECD Crypto-Asset Reporting Framework from 1 January 2027, requiring in-scope providers to conduct due diligence and report crypto-asset information to IRAS. First returns for 2027 will be due by 31 May 2028.
Singapore will implement the OECD Crypto-Asset Reporting Framework (CARF) from 1 January 2027, requiring in-scope crypto-asset service providers to carry out due diligence on users and report prescribed tax and transaction information to the Inland Revenue Authority of Singapore (IRAS).
The Income Tax (International Tax Compliance Agreements) (Crypto-Asset Reporting Framework) Regulations 2026 were first published in the Government Gazette on 11 August 2026. Singapore has committed to begin the automatic exchange of information under CARF in September 2028, covering information for calendar year 2027.
Reporting providers
Under the Regulations, a Reporting Singaporean Crypto-Asset Service Provider (Reporting SGCASP) will generally include a provider that effectuates Exchange Transactions involving crypto-to-fiat or crypto-to-crypto transactions, or operates a trading platform, and has a prescribed nexus with Singapore.
This can include providers that are resident in Singapore for tax purposes, incorporated or registered in Singapore and meeting the relevant conditions, managed from Singapore, maintaining a regular place of business in Singapore, or operating through a Singapore branch.
Providers within scope during calendar year 2027 must register with IRAS by 31 March 2028. Providers entering the scope after 2027 must generally register by 31 March of the calendar year following the year in which they become a reporting provider.
Due diligence and self-certification
Reporting SGCASPs will be required to establish systems to identify Crypto-Asset Users, determine their jurisdictions of tax residence and, where applicable, identify the Controlling Persons of Entity Crypto-Asset Users.
For new users, a valid self-certification must generally be obtained and verified on or before the establishment of the relationship. For pre-existing Crypto-Asset Users, generally those with an established relationship as of 31 December 2026, the deadline for obtaining and verifying a valid self-certification is 31 December 2027.
From 1 January 2028, a provider generally cannot effectuate Relevant Transactions for a pre-existing user that has not supplied the required valid and verified self-certification.
Providers that are also Financial Institutions under the Common Reporting Standard (CRS) may rely on relevant due diligence or self-certifications collected under CRS.
Annual reporting
Reporting SGCASPs must submit CARF returns to the Comptroller by 31 May of the following year. The first reporting period will be calendar year 2027, making 31 May 2028 the general deadline for the first returns.
The reporting requirements cover identifying information for reportable users, including names, addresses, jurisdictions of residence, TIN, and date and place of birth.
Providers must also report prescribed transaction information, including aggregate gross fiat amounts paid or received, transaction counts and unit counts by Crypto-Asset type, the fair market value of crypto-to-crypto exchanges and specified transfers.
The rules also cover Reportable Retail Payment Transactions involving transfers for goods or services exceeding USD 50,000, as well as transfers to external wallet addresses that are not known to be associated with a virtual asset service provider or Financial Institution.
A nil return will also be required where no relevant transactions were effectuated for reportable users or controlling persons.
Exemptions and record keeping
The CARF framework provides exemptions for certain persons and circumstances. These include publicly traded entities and related entities, governmental entities, the Monetary Authority of Singapore (MAS), certain Financial Institutions, and international organisations.
A Singapore provider may also qualify for a Partner Jurisdiction Exemption where it fulfils the applicable requirements in a Partner Jurisdiction and notifies the Comptroller through the IRAS website by 31 May of the following year.
Providers must retain evidence, records of due diligence steps and transaction records for at least five years. Relationship records generally must be retained for five years after the relationship ends, while transaction and due diligence records are subject to a five-year period following 31 December of the relevant reporting year.
IRAS has also published the first edition of its Crypto-Asset Reporting Framework e-Tax Guide, providing further guidance on the scope of Crypto-Assets and Reporting SGCASPs, user classification, due diligence, registration and reporting requirements.
