Ukraine to make the planned NFT collection a museum of war, Deputy Minister says

• Ukraine's forthcoming NFT collection will depict the Russian Invasion in NFT format.
• The NFTs would feature stories from reliable sources on the ongoing war
• Elsewhere, Singapore plans to tax NFT traders, with a 'specified' criterion

The Ukrainian government has divulged further information on its planned release of an NFT series to support its military as the country copes with the ongoing invasion by Russia.

According to the Deputy Minister of Digital Information, Alex Bornyakov, Ukraine expects that the NFT series will be a museum of this war. Bornyakov told The Guardian that by wrapping the information in NFTs, Ukraine wants to "tell the world in NFT format" what is happening in their country.

With an intention to be "cool, good-looking," Ukraine is taking its time in developing the NFTs. An unnamed source revealed that Ukraine would include stories from trusted news sources in each piece of art.

Thus far, Ukraine has been the recipient of over $60 million from crypto communities worldwide since it launched an appeal asking for the world's help in staging a resistance against the Russian incursion on its jurisdiction.

Though the country initially had an intention to airdrop crypto to donators, it has shelved the said plans and replaced them with the idea to launch NFTs with the funds intended to support the nation's fighters.

Singapore's plans to tax NFTs

According to a recent report by The Business Times, Singapore's Finance Minister Lawrence Wong told the Parliament that the imminent income tax would also affect income received from NFT trades or transactions.

However, since Singapore does not have an established capital tax regime, entities that educe capital gains from transactions in the said collectables will not be due for the tax. To determine whether an individual significantly earns income from NFT trading or transactions, Singapore's Inland Revenue Authority would consider a number of factors.

These include the length (time) of NFT ownership, the intention of purchase, the volume and regularity of carrying out similar NFT transactions, the reason for the sale of an NFT, and whether the holder has plans to keep the digital collectable for an extended period.

Notably, given that Singapore has some of the friendliest tax rates in Asia, it is largely considered a tax haven. More specifically, the Asian country has become a favourite for investors dealing in high-value investments such as crypto.