Singapore’s tax authorities have clarified in the latest guide that there is no need to levy taxes on token airdrops or hard forks to obtain assets

Singapore ’s Internal Revenue Service (IRAS) categorizes digital tokens into three categories in its latest electronic tax guide, and clarifies that airdrops or hard forks are accidentally obtained and do not require taxation. In this guide, digital tokens are divided into three categories: “payment tokens,” “utility tokens,” and “securities tokens.” For these three types of tokens, different taxation methods are required. For example, the payment token Bitcoin is defined as “intangible property” instead of fiat currency. If consumers use bitcoin to pay for barter transactions, it is the goods or services that need to be taxed, not the payment token .