Singapore-registered companies who buy and sell bitcoins or exchange the digital currency for other goods and services must pay taxes for these transactions, says the Inland Revenue Authority of Singapore (IRAS), Singapore’s tax authority.

The government’s stance towards the volatile cryptocurrency, which once again soared above $1,000 in price, echoes countries like Germany, Norway, and the United Kingdom, all of which deemed Bitcoin taxable.

In a series of emails sent to Singapore-based Bitcoin brokering service Coin Republic, which sought clarifications on the government’s position towards bitcoin taxation, IRAS laid out exactly which kind of transactions are subjected to taxes.

Read the full blog posting on Tech In Asia here.