South Africa Cryptocurrency Laws
Even though there is no single piece of legislation that regulates crypto-assets in South Africa, there are various statutes that impose legal obligations on their holders, including the Income Tax Act of 1962 and the Exchange Control Regulations of 1961, which references the Currency and Exchanges Act of 1933.
On April 6, 2018, the South African Revenue Services (SARS) clarified that it “will continue to apply normal income tax rules to cryptocurrencies and will expect taxpayers to declare all their cryptocurrency income and failure to do so could result in the imposition of interest and penalties.”
Recently, the South African legislature demonstrated a growing interest in broadening existing laws to extend their application to crypto assets. For example, on November 20, 2020, the South Africa.
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