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In recent years, Singapore has emerged as one of the preferred locations for the incorporation of blockchain companies, as well as the fundraising location for their new blockchain ventures via initial coin offerings, otherwise known as ICOs.
Typically, these companies issue their own digital tokens in an ICO and sell them to the early backers of their new project in exchange for cryptocurrencies such as Ethereum or Bitcoin.
Despite of the increased interest in cryptocurrency and ICOs in Singapore, the current legislation in Singapore has yet to be updated to fully address the accounting and tax treatments applicable to crypto-transactions.
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