Accounting for Digital Asset Companies in Singapore: Local Reporting and Filing Considerations

Originally published January 2025. Updated October 2026 to reflect Singapore’s CARF Regulations and the current reporting landscape.

A digital asset company incorporated in Singapore keeps its books and files its accounts within the same framework as any other Singapore company. What differs is the activity flowing through those books: wallets, exchange accounts, tokens received as payment or held in treasury, and transactions across several chains. This guide looks at that Singapore framework and where digital asset activity commonly adds complexity within it.

Berru is a Singapore-licensed Corporate Service Provider and accounting firm, with an accounting team led by qualified accountants. For an overview of digital asset accounting services in Singapore and what we typically cover, see our main guide. This article focuses on the local reporting and filing landscape.

• Digital asset companies in Singapore generally report within the same corporate, accounting and tax framework as other Singapore companies.
• Which financial reporting standards apply depends on the company, and how digital asset holdings are treated within them depends on the facts.
• ACRA, IRAS and, where relevant, MAS each play a different role.
• Singapore’s CARF Regulations take effect from 1 January 2027 for in-scope providers, adding a reporting layer for some digital asset businesses.
• None of these points is a determination for any specific company. They are starting points for a conversation with your accountant.

Three authorities are usually relevant, each for a different part of the picture:

1. ACRA. The Accounting and Corporate Regulatory Authority oversees company filings, including annual returns and, for many companies, financial statements filed in XBRL format. Requirements vary by company type, soACRA’s own guidance is the best reference.
2. IRAS. The Inland Revenue Authority of Singapore administers corporate income tax filings, such as Estimated Chargeable Income (ECI) and Form C or Form C-S, and GST for registered businesses. IRAS has also published guidance relevant to digital tokens, which is worth reviewing with a tax advisor.
3. MAS. The Monetary Authority of Singapore regulates licensing for certain digital asset activities. Licensing is a separate question from accounting, and whether it applies depends on what a business does.

On the accounting side, Singapore companies prepare financial statements under Singapore’s financial reporting standards. Which set applies, and how digital asset holdings are classified and measured within it, depends on the company and its facts. That is a question to work through with your accountant and auditor rather than one a general article can settle.

The Singapore landscape has continued to develop since this article was first published. A few developments are worth noting:

• Singapore’s CARF Regulations, enacted in August 2026, take effect from 1 January 2027 for Reporting Singaporean Crypto-Asset Service Providers. IRAS’s CARF page sets out the current requirements and any further guidance.
• More traditional businesses are exploring digital assets in day-to-day operations, such as accepting stablecoin payments for cross-border B2B transactions, which brings digital asset activity into books that were previously fiat-only.
• Reporting frameworks such as CARF rely on information that ultimately comes from underlying records, which may raise expectations on how those records are organised.

Within that framework, a few areas commonly take more time for digital asset companies:

• Classification and measurement. Digital assets don’t always fit neatly into the categories traditional assets do, and the outcome depends on the facts of each holding.
• Revenue from digital asset activity. Income received in tokens, or from activities such as trading or staking, can raise recognition questions that depend on the arrangement.
• Reporting currency. Activity in several tokens and currencies is brought into a single currency for reporting.
• Records across venues. Wallets, exchange accounts and on-chain activity across several chains feed into the same financial statements and filings as the rest of the business.
• Group structures. Singapore companies that sit within groups including entities in other jurisdictions may also have consolidation and related-party considerations, which we cover infinancial reporting for digital asset groups.

The specifics vary by company, but the annual cycle typically runs along these lines:

1. Financial year-end, when the books are closed for the period.
2. Preparation of financial statements, audited or unaudited depending on the company.
3. Corporate filings with ACRA, such as the annual return, where applicable.
4. Tax filings with IRAS, such as ECI and Form C or Form C-S, plus GST returns if the company is GST-registered.
5. For in-scope providers from 2027, CARF registration and reporting with IRAS, which runs on its own calendar-year cycle.

Deadlines depend on the company’s financial year-end and type, and can change, so they are best confirmed with ACRA, IRAS or your accountant.

These are not an assessment of any company’s position. They can be a useful starting point for a conversation:

1. Which financial reporting standards apply to our company?
2. How have our digital asset holdings been classified, and is that documented?
3. Does our company need an audit, or are unaudited financial statements sufficient?
4. Which of our activities might fall within CARF, if any?
5. Do any of our activities raise licensing questions that should go to legal counsel or MAS?

Our accounting team works with digital asset businesses, funds and fintechs as well as companies in traditional industries. Our work includes bookkeeping, unaudited financial statements and XBRL conversion, tax filing support, consolidated reporting and audit coordination support. More detail on the accounting services we provide is in our main guide.

Kindly note: Berru does not hold a tax-advisory or legal licence, and nothing here should be read as advice on how to file or what you owe.

Singapore companies prepare financial statements under Singapore’s financial reporting standards, and which set applies depends on the company. How digital asset holdings are treated within those standards depends on the facts, so it is best confirmed with your accountant and auditor.

Does every digital asset company in Singapore need an audit?

Not necessarily. Some companies qualify for audit exemption under criteria set by ACRA. Whether a particular company qualifies depends on its circumstances, and the current criteria are best checked with ACRA directly.

Does CARF apply to every digital asset company in Singapore?

No. The CARF Regulations apply to Reporting Singaporean Crypto-Asset Service Providers, and whether a business is in scope depends on its activities and structure. We cover the framework in more detail inour CARF overview.

Is accounting for a digital asset company the same as MAS licensing?

No. Accounting covers how a company records and reports its financial activity. MAS licensing concerns whether certain digital asset activities need a licence. They are separate questions, and licensing matters are best taken to legal counsel or MAS directly.

How often does a digital asset company in Singapore update its books?

There’s no single cadence that suits every company. Some keep their books monthly, others quarterly or yearly, depending on transaction volume and reporting needs. The right cadence is agreed between the company and its accountant.

If you run a digital asset company in Singapore

Disclaimer: No proprietary client workflows are disclosed. The information contained in this article is provided for general informational and educational purposes only and does not constitute legal, regulatory, tax, financial, or professional advice, and reading it does not create an advisor-client relationship with Berru.co. All commentary is educational and risk-managed. While Berru.co endeavours to ensure that the information presented is accurate and up to date at the time of publication, laws and regulations, including those applicable in Singapore, may change and may vary depending on jurisdiction and individual circumstances. Readers should conduct their own independent due diligence and seek appropriate professional advice from qualified advisers, including a licensed tax advisor, before making any business, legal, financial, or tax decision. Reading this article, or contacting Berru.co in response to it, does not create an advisor-client relationship or any duty of care, which arises only once a formal engagement is agreed in writing.