Share this article
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.
STORY CONTINUES BELOW
- 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
More For You
What to know:
- 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.
More For You
UK to Plans to Start Regulating Cryptocurrency in 2027
Legislation will be introduced into Parliament on Monday extending existing financial regulation to crypto companies.
What to know:
- The U.K. government is set to introduce legislation for regulating cryptocurrency from October, 2027.
- The bill will be little changed from draft legislation published in April.
- In extending existing financial services rules to the crypto industry, the U.K. will be emulating the approach of the U.S.
Top Stories
