Taxes Revolutionizing the Cryptocurrency Industry, Singapore Sets New Rules

As cryptocurrencies and blockchain technology gain root in the world, governments are becoming more involved in the industry through taxation.

Various countries have expressed various moods to cryptocurrencies. The truth is, cryptocurrencies have taken the world by storm, after it first launched in 2009 and grew a hundredfold in a short span. Many countries are still in the process of developing laws that touch every aspect of the crypto industry, including taxation. Given the volatile and virtual nature of cryptocurrencies, it has been a bit of a challenge to policymakers to cover it in full.

For instance, the United States now wants every citizen with savings in their cryptocurrency wallets to pay an income tax. The US Internal Revenue Services (IRS) sent at least 10,000 emails to…