Coinpanda integrates directly with Upbit Singapore to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Upbit Singapore quickly.
If you have been trading, staking, or earning crypto on Upbit Singapore, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Upbit Singapore quick and easy by following these steps:
Create a free account and connect Upbit Singapore to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Upbit Singapore
Wait for Coinpanda to automatically calculate capital gains and income for your Upbit Singapore transactions
Download your Upbit Singapore tax report
File your Upbit Singapore taxes before the deadline
Supported transactions
To calculate your taxes accurately, you must import all transactions from Upbit Singapore to Coinpanda. Coinpanda supports the following transactions from Upbit Singapore today:
Tx Type
API import
CSV file upload
Deposits
Withdrawals
Trades
RECOMMENDED
How to connect Upbit Singapore with API
We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.
Follow these steps to add your Upbit Singapore account to Coinpanda with API:
Click ‘Issue Open API Key’, enter your fund password and 2FA, then click ‘Submit’
Copy your API Key and Private Key to Coinpanda
The Upbit Singapore API does not return price data for market orders which means that such orders cannot be imported from API. Only limit orders can be imported at this time. Please contact Upbit support if you have questions regarding this.
How to connect Upbit Singapore with CSV
Follow these steps to export your transactions from Upbit Singapore:
Click ‘Download’ to download the CSV file containing all your trades, deposits, and withdrawals
Upload the CSV file to Coinpanda
It seems like Upbit does not allow exporting the CSV file currently. Please contact Upbit support to request the CSV file if you need this.
How are Upbit Singapore transactions taxed?
The exact tax implications on Upbit Singapore transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions on Upbit Singapore.
Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can offset other gains in most cases.
Income tax: Earned cryptocurrency on Upbit Singapore, such as staking, interest, bonuses, and referral rewards, is typically seen as taxable income from a tax perspective and must be reported in your tax return.
To learn more about how Upbit Singapore transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Upbit Singapore taxes?
First, you must calculate capital gains and income from all taxable transactions on Upbit Singapore. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.
To calculate your capital gains, you must first export a complete history of all transactions made on Upbit Singapore. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.
After downloading your Upbit Singapore tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.
Calculate your Upbit Singapore taxes
Sign up free today to calculate your Upbit Singapore taxes
How do I troubleshoot the imported Upbit Singapore transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Upbit Singapore to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:
Changes in the Upbit Singapore API
Updated CSV file format
Upbit Singapore does not provide a complete record of all transactions
To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on Upbit Singapore with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
No, Upbit Singapore does not provide complete and ready-to-file tax documents. This is because Upbit Singapore does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Upbit Singapore tax documents?
The easiest way to get tax documents and reports is to connect your Upbit Singapore account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Upbit Singapore.
Does Upbit Singapore provide financial or end-of-year statements?
No, Upbit Singapore does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.
Do I have to pay taxes on Upbit Singapore?
Yes, all transactions on Upbit Singapore involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, interest, or referral rewards.
Is transferring to Upbit Singapore taxable?
No, transferring cryptocurrency to Upbit Singapore is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Upbit Singapore?
It is impossible to avoid paying taxes completely on Upbit Singapore legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.
Can Upbit Singapore calculate my taxes?
Upbit Singapore cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on Upbit Singapore your entire life, it could technically do so.
Is Upbit Singapore safe?
Upbit Singapore is generally considered to be a safe exchange. Although Upbit Singapore follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including Upbit Singapore.
