Władze RPA buntują się przeciwko bitcoinowi
The local regulator FSCA has proposed to introduce strict regulation of cryptocurrencies in the country due to massive deceptions of newcomers in the cryptosphere
Also, the South African Tax Service (SARS) took over the owners of cryptocurrencies. All crypto owners were ordered to prepare a report on their cryptocurrency transactions.
Thus, two regulators at once have a negative effect on the South African crypto market. In particular, SARS requires that the owners of cryptocurrencies not only report on their assets and transactions. They are also obliged to indicate in their report why they purchased cryptocurrencies.
The tax office requires exchanges and funds to report on the cryptocurrency investments of their citizens. These can be bank statements, as well as other data on cryptocurrency transactions. Information exchanges and funds will have to report to the appropriate agency.
If taxpayers try to hide their trading profits, they face legal action, fines, and even jail sentences of up to two years.