The South African government is stepping up its regulation of cryptocurrency trading. The tax authority (SARS) is issuing tax notices and clarifying relevant regulations, possibly using artificial intelligence (AI) to identify non-compliant traders.
The South African Reserve Bank (SARB) has clarified its position on crypto asset purchases. According to SARB regulations, individuals can purchase crypto assets using a single discretionary quota or foreign exchange capital quota, but companies cannot invest in crypto assets through the Foreign Direct Investment Concession Scheme. SARB also stated that cross-border or foreign exchange transfers for the purchase of crypto assets alone are not allowed.
The South African Revenue Service may use AI to track non-compliant cryptocurrency traders
2024-09-06 11:41:12
South Africa government strengthening crypto currency trading regulation taxdesk3cryptocurrencydesktopCrypto News
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