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Country guide for Singapore. Also read the general guide to accepting crypto into a non-custodial company wallet and see all country guides.

Can a Singapore Company Accept Cryptocurrency Payments?

Yes. A Singapore company can agree to receive a digital token for its own goods or services, subject to the status of the token, the nature of the business and ordinary tax and compliance rules.

This guide addresses direct receipt into a non-custodial wallet controlled by the merchant, rather than collection and settlement through a custodial crypto payment processor.

Singapore's Payment Services Act regulates businesses providing digital payment token services. The statutory definition covers activities such as dealing, facilitating exchange, transmission, safeguarding and carrying out customer instructions where the service provider controls the token.

A merchant receiving a token as consideration for its own supply is not automatically providing those services to the customer. The position changes if the company exchanges assets, transfers them for other people, provides custody or operates a payment platform.

Official source: Singapore Payment Services Act 2019 — First Schedule.

When Is a MAS Payment Licence Relevant?

A licensing review is particularly important where a business:

Simply describing a product as “non-custodial” does not settle the legal analysis. The actual control of funds, keys and payment instructions matters.

Invoiceum should be used as the merchant's invoicing layer, not as a reason to assume that exchange, custody or transfer activities fall outside the Payment Services Act.

Income Tax Treatment

IRAS treats payment tokens as intangible property rather than fiat currency. Where a business receives payment tokens for goods or services, the transaction is viewed as barter trade.

The business is generally taxed on the value of the underlying goods or services. If their open-market value cannot be determined, a reasonable and verifiable token exchange rate at the point of the transaction may be used. The valuation methodology should be applied consistently.

Official sources: IRAS Income Tax Treatment of Digital Tokens, IRAS Taxable and Non-Taxable Income.

GST Treatment

For qualifying digital payment tokens, using the token as payment for goods or services is disregarded as a separate supply of the token for GST purposes. GST remains chargeable on the underlying goods or services where that supply is taxable.

Not every stablecoin or digital asset necessarily meets the statutory and tax definition of a digital payment token. The company should review each supported asset rather than using “cryptocurrency” as a single category.

Official source: IRAS Digital Payment Tokens — GST.

Records to Keep

For every crypto payment, retain:

The IRAS tax guide also emphasises records such as the number of token units, value at the time of transaction, exchange rate, purpose and relevant customer or supplier details.

How to Use Invoiceum in Singapore

Invoiceum.com can help replace informal wallet-payment requests with a structured business invoice.

A Singapore crypto invoice should specify:

  1. The company's registered name and UEN details normally shown on the invoice.
  2. Customer and supply information.
  3. The price in SGD or another agreed currency.
  4. GST treatment where applicable.
  5. The accepted token, contract address and network.
  6. The company-controlled receiving address.
  7. The rate source and validity period.
  8. Confirmation and refund rules.

After payment, link the Invoiceum invoice to the transaction hash and the valuation used for tax and accounting. Invoiceum should be paired with appropriate customer screening, wallet controls and financial records.

Recommended Singapore Workflow

  1. Confirm that the company is accepting payment only for its own supply.
  2. Review whether each token is a DPT, stablecoin or another regulated asset.
  3. Approve the wallet and authorised signers.
  4. Complete proportionate customer and sanctions checks.
  5. Issue the Invoiceum invoice with a clear SGD value and token instructions.
  6. Record the value at the point of transaction.
  7. Account for GST on the underlying supply where applicable.
  8. Record later token disposals separately.

Frequently Asked Questions

Does a Singapore merchant need a DPT licence to accept Bitcoin?

Not necessarily when it receives Bitcoin solely as payment for its own goods or services. A licence analysis is needed if it provides exchange, transfer, custody or payment services to other people.

Is a crypto payment treated as cash for Singapore tax?

No. IRAS treats payment tokens as intangible property and views their use for goods or services as barter trade for income-tax purposes.

Does the merchant charge GST?

GST applies to the underlying taxable goods or services regardless of whether the customer pays in fiat or a qualifying digital payment token.

Can Invoiceum calculate the final Singapore tax liability?

Invoiceum can support the invoice and transaction evidence trail, but the company should use its accountant or tax system for the final return and token classification.

Should the invoice be denominated in SGD or crypto?

Using SGD as the contractual price and showing the token equivalent usually provides a clearer tax and accounting basis.

Official Sources

This page provides general information and is not legal, tax or accounting advice.

Related country guides

Last reviewed: August 2026.