Singapore enacts Crypto-Asset Reporting Framework Regulations

The Inland Revenue Authority of Singapore (IRAS) announced the enactment of the Income Tax (International Tax Compliance Agreements) (Crypto-Asset Reporting Framework) Regulations 2026 on 11 August, as well as the publication of the first edition of the Crypto-Asset Reporting Framework e-Tax Guide.

The Regulations implement the OECD Crypto-Asset Reporting Framework (CARF) in Singapore and will come into force on 1 January 2027. They include provisions to implement the CARF for the automatic exchange of information (AEOI) for tax purposes on crypto-asset transactions.

Under the regulations, Reporting Crypto-Asset Service Providers (RCASPs) are required to register with the Comptroller and comply with CARF reporting and due diligence obligations, which include:

• Establishing procedures to identify reportable users and controlling persons through self-certifications and tax residence determinations.
• Annually reporting reportable users, crypto-asset transactions and related taxpayer identification information.
• Retaining records and supporting documentation for at least five years.
• Applying exemptions where substantially similar reporting and due diligence requirements have been fulfilled in a partner jurisdiction.

Singapore has committed to implement the CARF. The first annual reporting deadline for RCASPs is set for 31 May 2028, with CARF exchanges with partner jurisdictions commencing from September 2028.

“The introduction of CARF marks an important step in strengthening international tax transparency,” said Wiliam Kim, Client Accounting Manager at Sovereign Management Services in Singapore.

“Singaporean RCASPs should assess their reporting obligations early and ensure that their accounting records, customer due diligence processes and reporting systems are adequately prepared for implementation in January 2027.”