Income Tax (International Tax Compliance Agreements) (Crypto‑Asset Reporting Framework) Regulations 2026

These Regulations are the Income Tax (International Tax Compliance Agreements) (Crypto‑Asset Reporting Framework) Regulations 2026 and come into operation on 1 January 2027.

In these Regulations, “reporting Singaporean crypto‑asset service provider” means a reporting crypto‑asset service provider —

In these Regulations, a person’s residence for a tax purpose is —

In this Part —“reportable jurisdiction” means a jurisdiction outside Singapore that is described as one on the IRAS Internet website;“self‑certification”, in relation to a reporting Singaporean crypto‑asset service provider establishing a relationship with a crypto‑asset user, means a statement containing information —

THE SCHEDULE

Regulation 2(2)

CRYPTO‑ASSET REPORTING FRAMEWORK

Section I: Obligations of Reporting Crypto‑Asset Service Providers

A. A Reporting Crypto‑Asset Service Provider is subject to the reporting and

due diligence requirements in Sections II and III in [Jurisdiction], if it is:

1. an Entity or individual resident for tax purposes in [Jurisdiction];

2. an Entity that (a) is incorporated or organised under the laws of

[Jurisdiction] and (b) either has legal personality in [Jurisdiction] or has

an obligation to file tax returns or tax information returns to the tax

authorities in [Jurisdiction] with respect to the income of the Entity;

3. an Entity managed from [Jurisdiction]; or

4. an Entity or individual that has a regular place of business in [Jurisdiction].

B. A Reporting Crypto‑Asset Service Provider is subject to the reporting and

due diligence requirements in Sections II and III in [Jurisdiction] with respect to

Relevant Transactions effectuated through a Branch based in [Jurisdiction].

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C. A Reporting Crypto‑Asset Service Provider that is an Entity is not required to

complete the reporting and due diligence requirements in Sections II and III it is

subject to in [Jurisdiction] pursuant to subparagraphs A(2), (3) or (4), if such

requirements are completed by such Reporting Crypto‑Asset Service Provider in

a Partner Jurisdiction by virtue of it being resident for tax purposes in such

Partner Jurisdiction.

D. A Reporting Crypto‑Asset Service Provider that is an Entity is not required to

complete the reporting and due diligence requirements in Sections II and III it is

subject to in [Jurisdiction] pursuant to subparagraphs A(3) or (4), if such

requirements are completed by such Reporting Crypto‑Asset Service Provider in

a Partner Jurisdiction by virtue of it being an Entity that (a) is incorporated or

organised under the laws of such Partner Jurisdiction and (b) either has legal

personality in the Partner Jurisdiction or has an obligation to file tax returns or

tax information returns to the tax authorities in the Partner Jurisdiction with

respect to the income of the Entity.

E. A Reporting Crypto‑Asset Service Provider that is an Entity is not required to

complete the reporting and due diligence requirements in Sections II and III it is

subject to in [Jurisdiction] pursuant to subparagraph A(4), if such requirements

are completed by such Reporting Crypto‑Asset Service Provider in a Partner

Jurisdiction by virtue of it being managed from such Partner Jurisdiction.

F.

A Reporting Crypto‑Asset Service Provider that is an individual is not

required to complete the reporting and due diligence requirements in Sections II

and III it is subject to in [Jurisdiction] pursuant to subparagraph A(4), if such

requirements are completed by such Reporting Crypto‑Asset Service Provider in

a Partner Jurisdiction by virtue of it being resident for tax purposes in such

Partner Jurisdiction.

G. A Reporting Crypto‑Asset Service Provider is not required to complete the

reporting and due diligence requirements in Sections II and III in [Jurisdiction]

with respect to Relevant Transactions it effectuates through a Branch in a Partner

Jurisdiction, if such requirements are completed by such Branch in such Partner

Jurisdiction.

H. A Reporting Crypto‑Asset Service Provider is not required to complete the

reporting and due diligence requirements in Sections II and III it is subject to in

[Jurisdiction] pursuant to subparagraphs A(1), (2), (3) or (4), if it has lodged a

notification with [Jurisdiction] in a format specified by [Jurisdiction] confirming

that such requirements are completed by such Reporting Crypto‑Asset Service

Provider under the rules of a Partner Jurisdiction pursuant a substantially similar

nexus that it is subject to in [Jurisdiction].

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Section II: Reporting requirements

A. For each relevant calendar year or other appropriate reporting period, and

subject to the obligations of Reporting Crypto‑Asset Service Providers in

Section I and the due diligence procedures in Section III, a Reporting

Crypto‑Asset Service Provider must report the following information with

respect to its Crypto‑Asset Users that are Reportable Users or that have

Controlling Persons that are Reportable Persons:

1. the name, address, jurisdiction(s) of residence, TIN(s) and date and place of

birth (in the case of an individual) of each Reportable User and, in the case

of any Entity that, after application of the due diligence procedures, is

identified as having one or more Controlling Persons that is a Reportable

Person, the name, address, jurisdiction(s) of residence and TIN(s) of the

Entity and the name, address, jurisdiction(s) of residence, TIN(s) and date

and place of birth of each Reportable Person, as well as the role(s) by virtue

of which each Reportable Person is a Controlling Person of the Entity;

2. the name, address and identifying number (if any) of the Reporting

Crypto‑Asset Service Provider;

3. for each type of Relevant Crypto‑Asset with respect to which it has

effectuated Relevant Transactions during the relevant calendar year or other

appropriate reporting period:

number of Relevant Transactions in respect of acquisitions against Fiat

Currency;

and the number of Relevant Transactions in respect of disposals against

Fiat Currency;

number of Relevant Transactions in respect of acquisitions against

other Relevant Crypto‑Assets;

number of Relevant Transactions in respect of disposals against other

Relevant Crypto‑Assets;

number of Reportable Retail Payment Transactions;

number of Relevant Transactions, and subdivided by Transfer type

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where known by the Reporting Crypto‑Asset Service Provider, in

respect of Transfers to the Reportable User not covered by

subparagraphs A(3)(b) and (d);

number of Relevant Transactions, and subdivided by Transfer type

where known by the Reporting Crypto‑Asset Service Provider, in

respect of Transfers by the Reportable User not covered by

subparagraphs A(3)(c), (e) and (f); and

units in respect of Transfers by the Reportable Crypto‑Asset User

effectuated by the Reporting Crypto‑Asset Service Provider to wallet

addresses not known by the Reporting Crypto‑Asset Service Provider

to be associated with a virtual asset service provider or financial

institution.

B. Notwithstanding subparagraph A(1), the TIN is not required to be reported if

law of the relevant Reportable Jurisdiction does not require the collection of the

TIN issued by such Reportable Jurisdiction.

C. Notwithstanding subparagraph A(1), the place of birth is not required to be

reported unless the Reporting Crypto‑Asset Service Provider is otherwise

required to obtain and report it under domestic law.

D.

For the purposes of subparagraphs A(3)(b) and (c), the amount paid or

received must be reported in the Fiat Currency in which it was paid or received.

In case the amounts were paid or received in multiple Fiat Currencies, the

amounts must be reported in a single Fiat Currency, converted at the time of each

Relevant Transaction in a manner that is consistently applied by the Reporting

Crypto‑Asset Service Provider.

E. For the purposes of subparagraphs A(3)(d) through (i), the fair market value

must be determined and reported in a single Fiat Currency, valued at the time of

each Relevant Transaction in a manner that is consistently applied by the

Reporting Crypto‑Asset Service Provider.

F.

The information reported must identify the Fiat Currency in which each

amount is reported.

G. The information pursuant to paragraph A must be reported by xx/xx of the

calendar year following the year to which the information relates.

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Section III: Due diligence procedures

A Crypto‑Asset User is treated as a Reportable User beginning as of the date it is

identified as such pursuant to the due diligence procedures described in this

Section.

A. Due diligence procedures for Individual Crypto‑Asset Users

The following procedures apply for purposes of determining whether the

Individual Crypto‑Asset User is a Reportable User.

1. When establishing the relationship with the Individual Crypto‑Asset User,

or with respect to Preexisting Individual Crypto‑Asset Users by 12 months

after the effective date of these rules, the Reporting Crypto‑Asset Service

Provider must obtain a self‑certification that allows the Reporting

Crypto‑Asset Service Provider to determine the Individual Crypto‑Asset

User’s residence(s) for tax purposes and confirm the reasonableness of such

self‑certification based on the information obtained by the Reporting

Crypto‑Asset Service Provider, including any documentation collected

pursuant to AML/KYC Procedures.

2. If at any point there is a change of circumstances with respect to an

Individual Crypto‑Asset User that causes the Reporting Crypto‑Asset

Service Provider to know, or have reason to know, that the original

self‑certification is incorrect or unreliable, the Reporting Crypto‑Asset

Service Provider cannot rely on the original self‑certification and must

obtain a valid self‑certification, or a reasonable explanation and, where

appropriate, documentation supporting the validity of the original

self‑certification.

B. Due diligence procedures for Entity Crypto‑Asset Users

The following procedures apply for purposes of determining whether the Entity

Crypto‑Asset User is a Reportable User or an Entity, other than an Excluded

Person or an Active Entity, with one or more Controlling Persons who are

Reportable Persons.

1. Determine whether the Entity Crypto‑Asset User is a Reportable User.

or with respect to Preexisting Entity Crypto‑Assets Users by 12 months

after the effective date of these rules, the Reporting Crypto‑Asset

Service Provider must obtain a self‑certification that allows the

Reporting Crypto‑Asset Service Provider to determine the Entity

Crypto‑Asset User’s residence(s) for tax purposes and confirm the

reasonableness of such self‑certification based on the information

obtained by the Reporting Crypto‑Asset Service Provider, including

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any documentation collected pursuant to AML/KYC Procedures. If the

Entity Crypto‑Asset User certifies that it has no residence for tax

purposes, the Reporting Crypto‑Asset Service Provider may rely on the

place of effective management or on the address of the principal office

to determine the residence of the Entity Crypto‑Asset User.

resident in a Reportable Jurisdiction, the Reporting Crypto‑Asset

Service Provider must treat the Entity Crypto‑Asset User as a

Reportable User, unless it reasonably determines based on the

self‑certification or on information in its possession or that is

publicly available, that the Entity Crypto‑Asset User is an Excluded

Person.

2. Determine whether the Entity has one or more Controlling Persons

who are Reportable Persons.

With respect to an Entity Crypto‑Asset User, other than an Excluded

Person, the Reporting Crypto‑Asset Service Provider must determine

whether it has one or more Controlling Persons who are Reportable

Persons, unless it determines that the Entity Crypto‑Asset User is an Active

Entity, based on a self‑certification from the Entity Crypto‑Asset User.

For the purposes of determining the Controlling Persons of the Entity

Crypto‑Asset User, a Reporting Crypto‑Asset Service Provider may

rely on information collected and maintained pursuant to AML/KYC

Procedures, provided that such procedures are consistent with the 2012

FATF Recommendations (as updated in June 2019 pertaining to virtual

asset service providers). If the Reporting Crypto‑Asset Service

Provider is not legally required to apply AML/KYC Procedures that

are consistent with the 2012 FATF Recommendations (as updated in

June 2019 pertaining to virtual asset service providers), it must apply

substantially similar procedures for the purposes of determining the

Controlling Persons.

User is a Reportable Person. For the purposes of determining whether a

Controlling Person is a Reportable Person, a Reporting Crypto‑Asset

Service Provider must rely on a self‑certification from the Entity

Crypto‑Asset User or such Controlling Person that allows the

Reporting

Crypto‑Asset

Service

Provider

to

determine

the

Controlling Person’s residence(s) for tax purposes and confirm the

reasonableness of such self‑certification based on the information

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obtained by the Reporting Crypto‑Asset Service Provider, including

any documentation collected pursuant to AML/KYC Procedures.

3. If at any point there is a change of circumstances with respect to an Entity

Crypto‑Asset User or its Controlling Persons that causes the Reporting

Crypto‑Asset Service Provider to know, or have reason to know, that the

original

self‑certification is incorrect

or unreliable,

the Reporting

Crypto‑Asset

Service

Provider

cannot

rely

on

the

original

self‑certification

and

must

obtain

a

valid

self‑certification,

or

a

reasonable

explanation

and,

where

appropriate,

documentation

supporting the validity of the original self‑certification.

C. Requirements for validity of self‑certifications

1. A self‑certification provided by an Individual Crypto‑Asset User or

Controlling Person is valid only if it is signed or otherwise positively

affirmed by the Individual Crypto‑Asset User or Controlling Person, it is

dated at the latest at the date of receipt and it contains the following

information with respect to the Individual Crypto‑Asset User or Controlling

Person:

Reportable Jurisdiction; and

2. A self‑certification provided by an Entity Crypto‑Asset User is valid only if

it is signed or otherwise positively affirmed by the Crypto‑Asset User, it is

dated at the latest at the date of receipt and it contains the following

information with respect to the Entity Crypto‑Asset User:

Reportable Jurisdiction;

Excluded Person, the information described in subparagraph C(1) with

respect to each Controlling Person of the Entity Crypto‑Asset User,

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unless such Controlling Person has provided a self‑certification

pursuant to subparagraph C(1), as well as the role(s) by virtue of

which each Reportable Person is a Controlling Person of the Entity, if

not already determined on the basis of AML/KYC Procedures; and

Active Entity or Excluded Person.

3. Notwithstanding subparagraphs C(1) and (2), the TIN is not required to be

collected if the jurisdiction of residence of the Reportable Person does not

issue a TIN to the Reportable Person, or the domestic law of the relevant

Reportable Jurisdiction does not require the collection of the TIN issued by

such Reportable Jurisdiction.

D. General due diligence requirements

1. A Reporting Crypto‑Asset Service Provider that is also a Financial

Institution for the purposes of the Common Reporting Standard may rely on

the due diligence procedures completed pursuant to Sections IV and VI of

the Common Reporting Standard for the purpose of the due diligence

procedures pursuant to this Section. A Reporting Crypto‑Asset Service

Provider may also rely on a self‑certification already collected for other tax

purposes, provided such self‑certification meets the requirements of

paragraph C of this Section.

2. A Reporting Crypto‑Asset Service Provider may rely on a third party to

fulfil the due diligence obligations set out in this Section III, but such

obligations remain the responsibility of the Reporting Crypto‑Asset Service

Provider.

3. A Reporting Crypto‑Asset Service Provider is required to maintain all

documentation and data for a period of not less than five years after the end

of the period within which the Reporting Crypto‑Asset Service Provider

must report the information required to be reported pursuant to Section II.

Section IV: Defined Terms

The following terms have the meanings set forth below:

A. Relevant Crypto‑Asset

1. The term “Crypto‑Asset” means a digital representation of value that relies

on a cryptographically secured distributed ledger or a similar technology to

validate and secure transactions.

2. The term “Relevant Crypto‑Asset” means any Crypto‑Asset that is not a

Central Bank Digital Currency, a Specified Electronic Money Product or

any Crypto‑Asset for which the Reporting Crypto‑Asset Service Provider

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has adequately determined that it cannot be used for payment or investment

purposes.

3. The term “Central Bank Digital Currency” means any digital Fiat Currency

issued by a Central Bank.

4. The term “Specified Electronic Money Product” means any Crypto‑Asset

that is:

transactions;

Currency;

and

redeemable at any time and at par value for the same Fiat Currency

upon request of the holder of the product.

The term “Specified Electronic Money Product” does not include a

product created for the sole purpose of facilitating the transfer of funds

from a customer to another person pursuant to instructions of the

customer. A product is not created for the sole purpose of facilitating

the transfer of funds if, in the ordinary course of business of the

transferring Entity, either the funds connected with such product are

held longer than 60 days after receipt of instructions to facilitate the

transfer, or, if no instructions are received, the funds connected with

such product are held longer than 60 days after receipt of the funds.

B. Reporting Crypto‑Asset Service Provider

1. The term “Reporting Crypto‑Asset Service Provider” means any individual

or Entity that, as a business, provides a service effectuating Exchange

Transactions for or on behalf of customers, including by acting as a

counterparty, or as an intermediary, to such Exchange Transactions, or by

making available a trading platform.

C. Relevant Transaction

1. The term “Relevant Transaction” means any:

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2. The term “Exchange Transaction” means any:

3. The term “Reportable Retail Payment Transaction” means a Transfer of

Relevant Crypto‑Assets in consideration of goods or services for a value

exceeding USD 50 000.

4. The term “Transfer” means a transaction that moves a Relevant

Crypto‑Asset from or to the Crypto‑Asset address or account of one

Crypto‑Asset

User,

other

than

one

maintained

by

the

Reporting

Crypto‑Asset Service Provider on behalf of the same Crypto‑Asset User,

where, based on the knowledge available to the Reporting Crypto‑Asset

Service Provider at the time of transaction, the Reporting Crypto‑Asset

Service Provider cannot determine that the transaction is an Exchange

Transaction.

5. The term “Fiat Currency” means the official currency of a jurisdiction,

issued by a jurisdiction or by a jurisdiction’s designated Central Bank or

monetary authority, as represented by physical banknotes or coins or by

money in different digital forms, including bank reserves and Central Bank

Digital Currencies. The term also includes commercial bank money and

electronic

money

products

(including

Specified

Electronic

Money

Products).

D. Reportable User

1. The term “Reportable User” means a Crypto‑Asset User that is a

Reportable Person.

2. The term “Crypto‑Asset User” means an individual or Entity that is a

customer of a Reporting Crypto‑Asset Service Provider for purposes of

carrying out Relevant Transactions. An individual or Entity, other than a

Financial Institution or a Reporting Crypto‑Asset Service Provider, acting

as a Crypto‑Asset User for the benefit or account of another individual or

Entity as agent, custodian, nominee, signatory, investment advisor, or

intermediary, is not treated as a Crypto‑Asset User, and such other

individual or Entity is treated as the Crypto‑Asset User. Where a Reporting

Crypto‑Asset Service Provider provides a service effectuating Reportable

Retail Payment Transactions for or on behalf of a merchant, the Reporting

Crypto‑Asset Service Provider must also treat the customer that is the

counterparty to the merchant for such Reportable Retail Payment

Transaction as the Crypto‑Asset User with respect to such Reportable

Retail Payment Transaction, provided that the Reporting Crypto‑Asset

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Service Provider is required to verify the identity of such customer by virtue

of the Reportable Retail Payment Transaction pursuant to domestic

anti‑money laundering rules.

3. The term “Individual Crypto‑Asset User” means a Crypto‑Asset User that

is an individual.

4. The term “Preexisting Individual Crypto‑Asset User” means an Individual

Crypto‑Asset User that has established a relationship with the Reporting

Crypto‑Asset Service Provider as of [xx/xx/xxxx].

5. The term “Entity Crypto‑Asset User” means a Crypto‑Asset User that is an

Entity.

6. The term “Preexisting Entity Crypto‑Asset User” means an Entity

Crypto‑Asset User that has established a relationship with the Reporting

Crypto‑Asset Service Provider as of [xx/xx/xxxx].

7. The term “Reportable Person” means a Reportable Jurisdiction Person

other than an Excluded Person.

8. The term “Reportable Jurisdiction Person” means an Entity or individual

that is resident in a Reportable Jurisdiction under the tax laws of such

jurisdiction, or an estate of a decedent that was a resident of a Reportable

Jurisdiction. For this purpose, an Entity such as a partnership, limited

liability partnership or similar legal arrangement that has no residence for

tax purposes shall be treated as resident in the jurisdiction in which its place

of effective management is situated.

9. The term “Reportable Jurisdiction” means any jurisdiction (a) with which

an agreement or arrangement is in effect pursuant to which [Jurisdiction] is

obligated to provide the information specified in Section II with respect to

Reportable Persons resident in such jurisdiction, and (b) which is identified

as such in a list published by [Jurisdiction].

10. The term “Controlling Persons” means the natural persons who exercise

control over an Entity. In the case of a trust, such term means the settlor(s),

the trustee(s), the protector(s) (if any), the beneficiary(ies) or class(es) of

beneficiaries, and any other natural person(s) exercising ultimate effective

control over the trust, and in the case of a legal arrangement other than a

trust, such term means persons in equivalent or similar positions. The term

“Controlling Persons” must be interpreted in a manner consistent with the

2012 Financial Action Task Force Recommendations, as updated in

June 2019 pertaining to virtual asset service providers.

11. The term “Active Entity” means any Entity that meets any of the following

criteria:

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year or other appropriate reporting period is passive income and less

than 50% of the assets held by the Entity during the preceding calendar

year or other appropriate reporting period are assets that produce or are

held for the production of passive income;

whole or in part) the outstanding stock of, or providing financing and

services to, one or more subsidiaries that engage in trades or businesses

other than the business of a Financial Institution, except that an Entity

does not qualify for this status if the Entity functions (or holds itself

out) as an investment fund, such as a private equity fund, venture

capital fund, leveraged buyout fund, or any investment vehicle whose

purpose is to acquire or fund companies and then hold interests in those

companies as capital assets for investment purposes;

history, but is investing capital into assets with the intent to operate a

business other than that of a Financial Institution, provided that the

Entity does not qualify for this exception after the date that is

24 months after the date of the initial organisation of the Entity;

the process of liquidating its assets or is reorganising with the intent to

continue or recommence operations in a business other than that of a

Financial Institution;

with, or for, Related Entities that are not Financial Institutions, and

does not provide financing or hedging services to any Entity that is not

a Related Entity, provided that the group of any such Related Entities is

primarily engaged in a business other than that of a Financial

Institution; or

exclusively for religious, charitable, scientific, artistic, cultural,

athletic, or educational purposes; or it is established and operated

in its jurisdiction of residence and it is a professional

organisation, business league, chamber of commerce, labour

organisation, agricultural or horticultural organisation, civic

league

or

an

organisation

operated

exclusively

for

the

promotion of social welfare;

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beneficial interest in its income or assets;

Entity’s formation documents do not permit any income or assets

of the Entity to be distributed to, or applied for the benefit of, a

private person or non‑charitable Entity other than pursuant to the

conduct of the Entity’s charitable activities, or as payment of

reasonable compensation for services rendered, or as payment

representing the fair market value of property which the Entity

has purchased; and

Entity’s formation documents require that, upon the Entity’s

liquidation or dissolution, all of its assets be distributed to a

Governmental Entity or other non‑profit organisation, or escheat

to the government of the Entity’s jurisdiction of residence or any

political subdivision thereof.

E. Excluded Person

1. The term “Excluded Person” means (a) an Entity the stock of which is

regularly traded on one or more established securities markets; (b) any

Entity that is a Related Entity of an Entity described in clause (a); (c) a

Governmental Entity; (d) an International Organisation; (e) a Central Bank;

or (f) a Financial Institution other than an Investment Entity described in

Section IV E(5)(b).

2. The term “Financial Institution” means a Custodial Institution, a

Depository Institution, an Investment Entity, or a Specified Insurance

Company.

3. The term “Custodial Institution” means any Entity that holds, as a

substantial portion of its business, Financial Assets for the account of

others. An Entity holds Financial Assets for the account of others as a

substantial portion of its business if the Entity’s gross income attributable to

the holding of Financial Assets and related financial services equals or

exceeds 20% of the Entity’s gross income during the shorter of: (i) the

three‑year period that ends on 31 December (or the final day of a

non‑calendar year accounting period) prior to the year in which the

determination is being made; or (ii) the period during which the Entity has

been in existence.

4. The term “Depository Institution” means any Entity that:

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business; or

Currencies for the benefit of customers.

5. The term “Investment Entity” means any Entity:

activities or operations for or on behalf of a customer:

of deposit, derivatives, etc.); foreign exchange; exchange,

interest rate and index instruments; transferable securities; or

commodity futures trading;

Assets, money, or Relevant Crypto‑Assets on behalf of other

persons; or

reinvesting, or trading in Financial Assets or Relevant Crypto‑Assets,

if the Entity is managed by another Entity that is a Depository

Institution, a Custodial Institution, a Specified Insurance Company, or

an Investment Entity described in subparagraph E(5)(a).

An Entity is treated as primarily conducting as a business one or more of the

activities described in subparagraph E(5)(a), or an Entity’s gross income is

primarily attributable to investing, reinvesting, or trading in Financial

Assets or Relevant Crypto‑Assets for purposes of subparagraph E(5)(b), if

the Entity’s gross income attributable to the relevant activities equals or

exceeds 50% of the Entity’s gross income during the shorter of: (i) the

three‑year period ending on 31 December of the year preceding the year in

which the determination is made; or (ii) the period during which the Entity

has been in existence. For the purposes of subparagraph E(5)(a)(iii), the

term “otherwise investing, administering, or managing Financial Assets,

money, or Relevant Crypto‑Assets on behalf of other persons” does not

include the provision of services effectuating Exchange Transactions for or

on behalf of customers. The term “Investment Entity” does not include an

Entity that is an Active Entity because it meets any of the criteria in

subparagraphs D(11)(b) through (e).

This paragraph shall be interpreted in a manner consistent with similar

language set forth in the definition of “financial institution” in the Financial

Action Task Force Recommendations.

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6. The term “Specified Insurance Company” means any Entity that is an

insurance company (or the holding company of an insurance company) that

issues, or is obligated to make payments with respect to, a Cash Value

Insurance Contract or an Annuity Contract.

7. The term “Governmental Entity” means the government of a jurisdiction,

any political subdivision of a jurisdiction (which, for the avoidance of

doubt, includes a state, province, county, or municipality), or any wholly

owned agency or instrumentality of a jurisdiction or of any one or more of

the foregoing. This category is comprised of the integral parts, controlled

entities, and political subdivisions of a jurisdiction.

agency, bureau, fund, instrumentality, or other body, however

designated, that constitutes a governing authority of a jurisdiction.

The net earnings of the governing authority must be credited to its own

account or to other accounts of the jurisdiction, with no portion inuring

to the benefit of any private person.

An integral part does not include any individual who is a sovereign,

official, or administrator acting in a private or personal capacity.

jurisdiction or that otherwise constitutes a separate juridical entity,

provided that:

Governmental Entities directly or through one or more

controlled entities;

the accounts of one or more Governmental Entities, with no

portion of its income inuring to the benefit of any private

person; and

Entities upon dissolution.

are the intended beneficiaries of a governmental programme, and the

programme activities are performed for the general public with respect

to the common welfare or relate to the administration of some phase of

government. Notwithstanding the foregoing, however, income is

considered to inure to the benefit of private persons if the income is

derived from the use of a governmental entity to conduct a commercial

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business, such as a commercial banking business, that provides

financial services to private persons.

8. The

term

“International

Organisation”

means

any

international

organisation or wholly owned agency or instrumentality thereof. This

category

includes

any intergovernmental organisation

(including

a

supranational

organisation)

(a)

that

is

comprised

primarily

of

governments; (b) that has in effect a headquarters or substantially similar

agreement with the jurisdiction; and (c) the income of which does not inure

to the benefit of private persons.

9. The term “Central Bank” means an institution that is by law or government

sanction the principal authority, other than the government of the

jurisdiction itself, issuing instruments intended to circulate as currency.

Such an institution may include an instrumentality that is separate from the

government of the jurisdiction, whether or not owned in whole or in part by

the jurisdiction.

10. The term “Financial Asset” includes a security (for example, a share of

stock in a corporation; partnership or beneficial ownership interest in a

widely held or publicly traded partnership or trust; note, bond, debenture, or

other evidence of indebtedness), partnership interest, commodity, swap (for

example, interest rate swaps, currency swaps, basis swaps, interest rate

caps, interest rate floors, commodity swaps, equity swaps, equity index

swaps, and similar agreements), Insurance Contract or Annuity Contract, or

any interest (including a futures or forward contract or option) in a security,

Relevant Crypto‑Asset, partnership interest, commodity, swap, Insurance

Contract, or Annuity Contract. The term “Financial Asset” does not include

a non‑debt, direct interest in real property.

11. The term “Equity Interest” means, in the case of a partnership that is a

Financial Institution, either a capital or profits interest in the partnership. In

the case of a trust that is a Financial Institution, an Equity Interest is

considered to be held by any person treated as a settlor or beneficiary of all

or a portion of the trust, or any other natural person exercising ultimate

effective control over the trust. A Reportable Person will be treated as being

a beneficiary of a trust if such Reportable Person has the right to receive

directly or indirectly (for example, through a nominee) a mandatory

distribution or may receive, directly or indirectly, a discretionary

distribution from the trust.

12. The term “Insurance Contract” means a contract (other than an Annuity

Contract) under which the issuer agrees to pay an amount upon the

occurrence of a specified contingency involving mortality, morbidity,

accident, liability, or property risk.

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13. The term “Annuity Contract” means a contract under which the issuer

agrees to make payments for a period of time determined in whole or in part

by reference to the life expectancy of one or more individuals. The term

also includes a contract that is considered to be an Annuity Contract in

accordance with the law, regulation, or practice of the jurisdiction in which

the contract was issued, and under which the issuer agrees to make

payments for a term of years.

14. The term “Cash Value Insurance Contract” means an Insurance Contract

(other than an indemnity reinsurance contract between two insurance

companies) that has a Cash Value.

15. The term “Cash Value” means the greater of (i) the amount that the

policyholder is entitled to receive upon surrender or termination of the

contract (determined without reduction for any surrender charge or policy

loan), and (ii) the amount the policyholder can borrow under or with regard

to the contract. Notwithstanding the foregoing, the term “Cash Value” does

not include an amount payable under an Insurance Contract:

insurance contract;

indemnification of an economic loss incurred upon the occurrence of

the event insured against;

charges whether or not actually imposed) under an Insurance Contract

(other than an investment‑linked life insurance or annuity contract) due

to cancellation or termination of the contract, decrease in risk exposure

during the effective period of the contract, or arising from the

correction of a posting or similar error with regard to the premium for

the contract;

provided that the dividend relates to an Insurance Contract under

which

the

only

benefits

payable

are

described

in

subparagraph E(15)(b); or

Contract for which the premium is payable at least annually if the

amount of the advance premium or premium deposit does not exceed

the next annual premium that will be payable under the contract.

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F. Miscellaneous

1. The term “Partner Jurisdiction” means any jurisdiction that has put in place

equivalent legal requirements and that is included in a list published by

[Jurisdiction].

2. The term “AML/KYC Procedures” means the customer due diligence

procedures of a Reporting Crypto‑Asset Service Provider pursuant to the

anti‑money laundering or similar requirements to which such Reporting

Crypto‑Asset Service Provider is subject.

3. The term “Entity” means a legal person or a legal arrangement, such as a

corporation, partnership, trust, or foundation.

4. An Entity is a “Related Entity” of another Entity if either Entity controls the

other Entity, or the two Entities are under common control. For this purpose

control includes direct or indirect ownership of more than 50% of the vote

and value in an Entity.

5. The term “TIN” means Taxpayer Identification Number (or functional

equivalent in the absence of a Taxpayer Identification Number).

6. The term “Branch” means a unit, business or office of a Reporting

Crypto‑Asset Service Provider that is treated as a branch under the

regulatory regime of a jurisdiction or that is otherwise regulated under the

laws of a jurisdiction as separate from other offices, units, or branches of

the Reporting Crypto-Asset Service Provider. All units, businesses, or

offices of a Reporting Crypto‑Asset Service Provider in a single jurisdiction

shall be treated as a single branch.

Section V: Effective implementation

A jurisdiction must have rules and administrative procedures in place to ensure

effective implementation of, and compliance with, the reporting and due

diligence procedures set out above.

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Made on 11 August 2026.

NGIAM SIEW YING

Second Permanent Secretary,

Ministry of Finance,

Singapore.

[AG/LEGIS/SL/134/2025/27]

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