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South Africa's Tax Agency Is Clamping Down on Crypto Users: Report
The South African Revenue Service is likely "ensnaring" non-compliant taxpayers, a tax consultancy said in a news report.
Updated Sep 14, 2021, 12:07 p.m. Published Feb 4, 2021, 11:43 a.m.
The South African Revenue Service (SARS) is reportedly sending taxpayers audit requests, asking those who have held cryptocurrencies to disclose their trading activity.
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- SARS has sent the requests to a number of taxpayers who, in turn, contacted professional tax services firm Tax Consulting South Africa, reported local IT news site MyBroadband on Tuesday.
- Responding taxpayers need to provide the reasons for buying cryptocurrency, as well as details of any exchanges from trading platforms and bank statements.
- According to the tax consultancy, SARS' action means the government is cracking down on non-compliant cryptocurrency traders in the nation.
- “It is feasible to understand that SARS is in the process of ensnaring culpable taxpayers who have not disclosed their cryptocurrency-related trading profits and or losses,” the firm said in the report.
- In recent news, South Africa’s financial market regulator is reportedly seeking greater oversight of the cryptocurrency trading industry following the collapse of a bitcoin company alleged to have been the nation’s biggest Ponzi scheme.
Read more: India Mulls Imposing 18% Tax on Bitcoin Transactions
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Yang perlu diketahui:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC's acting chief Pham poised to go to crypto firm MoonPay once Mike Selig lands
The leader of the derivatives regulator is planning to join the crypto industry as the CFTC and other federal regulators work on policies to benefit the sector.
What to know:
- Commodity Futures Trading Commission Acting Chairman Caroline Pham confirmed again that she's heading to crypto firm MoonPay when the Senate confirms her replacement and he's sworn in.
- President Donald Trump's CFTC chair nominee Mike Selig was set for a Senate vote Wednesday evening, according to that chamber's schedule.
- Selig, currently an SEC official, would arrive at the CFTC just as several of Pham's crypto initiatives have gone live.
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