South African authorities are cracking down on digital assets like cryptocurrencies given their increased usage.
Crypto is taking off in South Africa, with exchanges expanding their payment networks to thousands of merchants and the taxman cracking down on those who own digital assets and currencies.
At the same time, it announced that it would begin accepting applications for crypto asset service provider licences. The South African Revenue Service has also been steadily increasing scrutiny in crypto assets.as part of its Voluntary Disclosure Programme to facilitate compliance.“Sars is also working assiduously to make it easy and simple for taxpayers and traders to seamlessly comply with their obligations,” said Sars commissioner Edward Kieswetter.
Luno business development manager Tarris Arnold believes that providing this type of accessibility helps unlock the intended benefits of cryptocurrencies. While these developments may be recent, trailblazers such as MoneyBadger and Bitcoin Ekasi have been hard at work over the past few years, attempting to make crypto payments more accessible to South Africans.
MoneyBadger currently allows South Africans to use crypto to transact at over 1,000 Pick n Pay stores.
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