Bitcoin price soared and hit US$42,000 apiece on Wednesday, before declining to its current level of around US$38,000 as at March 14. Meanwhile, Ethereum rose to above US$2,700 apiece on March 9 before declining to its current level of US$2,500. Other coins such as Binance Coin, Solana and Cardano also saw price surges following the premature reveal, before declining.
Chart: Bitcoin 7-day price chart, credit CoinGecko
In Singapore, the prevailing income tax rules will apply to income derived from transactions of non-fungible tokens (NFTs), Minister of Finance Lawrence Wong said in parliament on March 11.
See also: The Trump family is going all-in on crypto projects, from Bitcoin mining to stablecoins
He explained that the income tax treatment will be determined based on the nature and use of the NFT. “Generally, a person deriving income from NFT transactions or from trading NFTs will be subject to income tax on such income.
“A person may also derive capital gains from NFT transactions. As Singapore does not have a capital gains tax regime, such gains will not be taxable,” he added.
See also: XRP to hit US$12.50 by end-2028: Standard Chartered
Photo: Coinbase
Nasdaq-listed Coinbase has blocked over 25,000 addresses related to Russian individuals or entities engaging in illicit activities, its chief legal officer Paul Grewal wrote in a blogpost.
He clarified that the figure is not specific to the time period since the invasion of Ukraine. Most of these addresses are identified by Coinbase prior to the invasion and the company has not seen a surge in sanction evasion activity in the post-invasion context.
“Once we identified these addresses, we shared them with the government to further support sanctions enforcement,” Grewal said.
Cover photo: Bloomberg
