Anonymous

29 Mar 2021

∙

If I made over a million in crypto and decide to cash out, do I need to pay any taxes?

And if sold via Binance P2P? Also, if bank account rise so much in value will I be questioned by them.?

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Chris

29 Mar 2021

Owner and Writer at Tortoisemoney.com

There are no capital gains tax in Singapore so no, you will not have to pay any taxes. The sudden inflow of cash may be questioned by the bank for AML purposes, but if you can substantiate your returns with your crypto transactions, I don't see an issue with it. After all, you didn't do anything illegal.

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