Crypto-currency is subject to the same tax and foreign exchange control regulations as fiat currency, says IITPSA.
Tax and crypto: Investors, traders must be compliant Candice Mesk , IITPSA member, director of the Developer User Group , co-organiser of DevConf and a blockchain enthusiast.
Speaking during an IITPSA webinar entitled: 'Understanding the shifting crypto regulatory landscape', John Singh, ITPSA Board Vice-Chair and Blockchain Special Interest Group Chair, said: "Crypto enthusiasts believe they should have a fundamental right to own their crypto property. Governments print and control money, so even though people have the fiat money in their pockets, they don't have complete ownership rights.
She recommended using a crypto tax calculator to understand crypto tax implications: "Use a calculator such as Koinly, which can be integrated with many wallets and exchanges, including Luno, to help you generate your tax reports."On the question of crypto and foreign exchange controls, Mesk said: "South African exchange control regulations date back to the early 1960s, and need to come a long way to give robust guidance around crypto.
Compliant Crypto Currency IITPSA Developer User Group Devconf Blockchain Candice Mesk John Singh
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