Author: Thomas Lobban

Along with the rest of the world, South Africans have shown an appetite for cryptocurrencies. While the size of the market remains unclear, Coinmarketcap gives a figure of $210 billion for the global market and approximately R6.5 billion for the South African market. While the true figures remain unclear, what is clear is that SARS has cryptocurrency trading very much in its sights. Bitcoin and other cryptocurrencies have notched up huge gains in the past year and more—Bitcoin gained approximately 224% in 2020, for example. Given these returns, it’s unsurprising that South Africans are looking at crypto as an investment…

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There are many South Africans who have made investments into cryptocurrency, and we see all types of traders and investors on a daily basis. It has announced new dawn of investment world-wide and regulators worldwide have been sluggish to respond. However, it is now firmly on the tax radar for revenue authorities worldwide; and the position of South African Revenue Services (SARS) seems to be no different. The walls are closing in on crypto-traders In the 2021 Budget Speech, Minister Tito Mboweni announced that SARS will be provided with an additional allocation of R3 billion to “modernise its technology infrastructure…

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