Digital Assets for Professionals

The Tax Academy of Singapore recently brought together finance, audit, tax, legal and enforcement professionals for the Digital Assets for Professionals: Tokenization, Stablecoins & Compliance programme.

Led by Dhru Patel, Head of Research at Matzu Research, the programme provided participants with a practical introduction to the digital asset ecosystem and explored how blockchain developments intersect with professional practice.

Dhru Patel, Head of Research at Matzu Research, with Dennis Lui, CEO of Tax Academy.

Exploring Blockchain Beyond the Technology

The programme covered an overview of blockchain technology and examined its implications across several professional areas.

Participants explored:

• the fundamentals of blockchain;

• failures that can arise within a blockchain control environment;

• the financial classification of blockchain transactions under IFRS; and

• tax implications under Singapore tax law.

The session also covered developments relating to tokenisation and stablecoins, alongside regulatory, accounting and tax considerations relevant to professionals working with digital assets.

Participants at the Digital Assets for Professionals Programme

Technology Is Only Part of the Equation

Reflecting on the programme, Dhru noted that a consistent through line throughout the course was that blockchain can support greater efficiency and transparency at an organisational level, but its effectiveness ultimately depends on the controls surrounding the entity operating the blockchain product.

He pointed to examples such as bridge hacks, exchange liquidations and failed products as illustrating the continuing need for strong controls and greater clarity around crypto rules and legislation.

Dhru also observed that the blockchain industry is gaining greater legitimacy through developments in tokenisation and regulation, making these issues increasingly relevant to professionals seeking to understand the evolving digital asset landscape.

Dhru explaining Blockchain Liquidity to participants of the programme

From Concepts to Practical Application

The programme moved beyond conceptual discussion through practical exercises and live scenarios.

Participants worked through live scenarios and hands-on evidence-verification exercises using the interactive room screen at the Tax Academy of Singapore Hub.

The practical sessions explored areas including stablecoin regulation, financial reporting, GST, income tax and readiness for developments such as the Crypto-Asset Reporting Framework.

The interactive format also created opportunities for participants to ask questions, test concepts and exchange perspectives across different professional disciplines.

Dhru explaining Blockchain Liquidity to participants of the programme with the help of Tax Academy's interactive screens for concept visualization

A Multidisciplinary Professional Landscape

The programme reflected the broad range of professional considerations surrounding digital assets, spanning technology, regulation, accounting and taxation.

By bringing together professionals from different backgrounds, the programme provided an opportunity to examine digital assets not only as a technological development, but through the regulatory, accounting, tax and control considerations surrounding their use.

Tax Academy thanks Dhru Patel for sharing his experience and perspectives, and all participants who contributed to the discussions throughout the programme.

Explore the Programme

Find out more about the topics covered in Digital Assets for Professionals: Tokenization, Stablecoins & Compliance and explore other learning opportunities from the Tax Academy of Singapore.

Tax Academy's Programme Managers, Sim Chen Xing and Maggie Wee taking a wefie with Dhru Patel