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Sensationell! Das beinahe unfassbare Wachstum durch Mr Kerbel!
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Sensationell! Das beinahe unfassbare Wachstum durch Mr Kerbel!
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Report: South Africa Bars Transfer of Locally Acquired Cryptocurrencies to Overseas Exchanges, Offenders Face Jail Time
Fresh reports from South Africa suggest that the transfer of locally acquired cryptocurrencies to overseas crypto exchanges will now be subject to the country’s exchange control regulations. Consequently, transactions where an individual purchases crypto assets in South Africa and uses them to externalize “any right to capital” will be deemed a criminal offense.
Risk of Imprisonment
According to a Mybroadband report, this new interpretation of the country’s exchange control regulations is contained in the FAQ document recently published by the Intergovernmental Fintech Working Group (IFWG), a body that is comprised of South Africa’s financial regulators. In the document, regulators explained:
Sars seeks customer information from local crypto exchanges
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Moneyweb The three largest crypto exchanges in the country say they have been approached by Sars for information on a selection of customers . Cryptocurrency platforms are not yet required to provide customers with tax certificates. Photo: iStock
SA’s three largest crypto exchanges – AltCoinTrader, Luno, and VALR – say they have been approached by the SA Revenue Service (Sars) as part of a tax risk assessment exercise on SA residents involved in “the mining, speculation and/or investment in crypto assets”.
In 2018 Sars released a media statement entitled ‘Sars stance on the tax treatment of cryptocurrencies’ in which it reminded taxpayers to declare all cryptocurrency-related taxable income during the year such income was received or accrued.