A Practical Guide to Cryptocurrency in Singapore: From a Tax, Regulatory and Accounting Perspective

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Description

This is a hybrid session. You have the option to attend this live in-person or online via zoom. Please select accordingly at registration.

This one-day workshop will provide a comprehensive insight and guide to the cryptocurrency ecosystem in Singapore, from the tax, regulatory and accounting perspectives.

This topical and timely practical workshop will introduce the key regulations in Singapore affecting digital tokens and crypto projects. Additionally, it will address tax issues concerning gains from cryptocurrency and losses following the most recent TerraUSD and Terra (Luna) crash. It will also discuss IRAS’ recent e-tax guides on digital payment tokens. The accounting treatment for holding cryptoassets will also be covered in relation to ISCA’s issuance of the Financial Reporting Guidance 2 (“FRG 2”): Accounting for Cryptoassets From a Holder’s Perspective.

This unique workshop format offers you the option to attend either the AM or PM session.

AM Session: A Practical Guide to Cryptocurrency in Singapore: From a Tax and Regulatory Perspective Click here

PM Session: A Practical Guide to Cryptocurrency in Singapore: From an Accounting Perspective Click here

By attending the one-day session, you enjoy greater savings and lunch will be provided! Register NOW!

Programme Outline

AM Session: 9am-12.30pm
Introduction to Cryptocurrency and Regulatory Landscape

• Regulation relating to crypto tokens
• Introduction to tokens such as digital payment tokens, utility tokens, security tokens, stablecoins, NFTs
• Key legal issues and regulatory treatment of various tokens
• Different types of crypto projects and services
• Introduction to various crypto projects, such as decentralized crypto exchanges, play-to-earn, DAOs.
• Key legal issues relating to crypto projects and services

Cryptocurrency Tax Implications

• Income Tax
• How income tax is imposed on crypto gains
• Tax treatment of cryptocurrency losses
• Specific tax treatment of payment tokens, utility tokens & security tokens
• Income tax from the perspective of a coin issuer, investor, employer/employee, miner/forger
• Goods and Services Tax (GST)
• GST treatment of digital payment tokens & non-digital payment tokens
• GST liabilities from the perspective of a customer, miner, token intermediary and so on

Q&A

Practice Area: Others/Multi-disciplinary

Training Level: General

3 Public CPD Points (SILE-Legal Professionals) 

SILE ATTENDANCE POLICY: Participants who wish to obtain CPD Points are reminded that they must comply strictly with the Attendance Policy set out in the CPD Guidelines. For participants attending the face-to-face activity, this includes signing in on arrival and signing out at the conclusion of the activity in the manner required by the organiser, and not being absent from the activity for more than 15 minutes. For those participating via the webinar, this includes logging in at the start of the webinar and logging out at the conclusion of the webinar in the manner required by the organiser, and not being away from the activity for more than 15 minutes. Participants who do not comply with the Attendance Policy will not be able to obtain CPD Points for attending the activity. Please refer to https://www.silecpdcentre.sg for more information.

 

PM Session: 2pm-4.30pm
This session will explain the salient features of Financial Reporting Guidance 2(FRG 2), including:

• The different types of cryptoassets
• Accounting for cryptoassets by the holder
• Holdings of cryptocurrencies
• Holdings of cryptoassets other than cryptocurrencies
• Absence of an applicable FRS
• Summary of applicable FRSs
• Classification and measurement considerations
• Disclosure considerations

Q&A

What you will learn

• Overview of the legal issues concerning various types of cryptocurrency and crypto projects;
• Taxability of cryptocurrency gains and tax deductibility of cryptocurrency losses;
• Learning the income tax and GST treatment of the different types of cryptocurrencies from the perspective of a coin issuer, investor, employer, employee, miner, forger, customer, digital payment token intermediary and so on
• Gain a good grasp of ISCA’s Financial Reporting Guidance 2 (FRG 2): Accounting for Cryptoassets From a Holder’s Perspective
• Find out the different types of cryptoassets and its uses
• Learn how to account for cryptoassets by the holder

Target Audience

• Anyone who would like to have a practical and complete knowledge on cryptocurrency/cryptoassets in Singapore
• Tax practitioners
• Finance practitioners
• Accountants
• Auditors
• Commercial Directors
• Lawyers

Expert Speaker

Heng Jun Meng
Managing Director, Entra Law LLC

Jun Meng advises on corporate M&A, cryptocurrency and securities matters. He also has experience in innovation and tech matters, where he counsels clients on regulatory matters and the structuring of new products / services.

Prior to founding Entra Law, Jun Meng was director at ZICO Insights Law LLC where he led the innovation and emerging companies practice and was co-chair of the technology regional practice group.

Jun Meng has conducted workshops on topics such as FinTech and market entry for accelerator programs and industry associations.

Liu Hern Kuan
Head of Tax, Insights Law LLC

Hern Kuan has wide experience in Revenue Law, having lectured in it at the Law Faculty in NUS, practiced as a tax manager in Big-4 accounting firms and as head of tax in a major law firm. He was also the Chief Legal Officer of the Inland Revenue Authority of Singapore (IRAS) for 10 years.

Hern Kuan’s tax practice is largely focused on civil and criminal disputes with IRAS and tax planning and structuring, both domestic and international tax.

He has presented many seminars on tax law and was an associate staff lecturer on tax planning and international tax at SUSS.

Chee Hay Kheong Daniel

Daniel holds an Honours degree in Accountancy from the National University of Singapore and is a Certified Information Systems Auditor (CISA). He has more than 15 years of experience in the accounting profession, having worked for one of the Big 4 accounting firms both in Singapore and in the United Kingdom. He has also more than 5 years of senior management experience with MNCs, managing their operations in Singapore and Asia.

Daniel is a highly sought-after seminar trainer. He was an Adjunct Professor in the School of Business, Singapore University of Social Sciences and an Adjunct Associate Professor in the Department of Accounting of the NUS Business School. He served as a committee member of both the IT Committee and the Examination Committee of ISCA, and was a Committee member of the Disciplinary Sub-Committee of Accounting and Corporate Regulatory Authority (ACRA).