Crypto investors are on SARS’ hitlist
Posted 20 September 2021
Earlier this year, SARS reached out to cryptocurrency platforms to access their lists of clients and information in its bid to clamp down on the wealthy.
Many South Africans have been misinformed and are under the impression that crypto-activity is under the radar. Some believe it is untraceable or that it only needs to be declared to SARS when it is traded. This is incorrect as all individuals who have bought and held crypto assets during the tax year must disclose these holdings to ...
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Frequently asked questions about tax & cryptocurrency
Posted 5 May 2021
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- Does SARS regard cryptocurrency as a real currency?
At this time, cryptocurrency is not regarded as a legal currency and they operate independently from the central bank. As there are currently no laws or regulations governing the use of cryptocurrency in South Africa, crypto traders or users have limited legal protection according to the general common law. In other words, if you choose to use or trade cryptocurrency you do so at your own risk.
- How does SARS treat crypto?...