The Inland Revenue Authority of Singapore (IRAS) has published a revised e-Tax Guide on Income Tax Treatment of Digital Tokens, dated 9 October 2020. The e-Tax Guide provides guidance on the income tax treatment of transactions involving digital tokens, including payment tokens, utility tokens, and security tokens. A digital token refers to any cryptographically-secured digital representation of value that can be transferred, stored, or traded electronically. The IRAS position on payment tokens, utility tokens, and security tokens and their general tax treatment are summarized as follows: Payment Token While a payment token serves as a mode of payment, it is...