The South African Revenue Service (SARS) is increasing checks on undeclared crypto assets. Exchanges will be required to provide data upon request. SARS demands that cryptocurrency holders and traders declare their assets in tax reports.
In order to strengthen control, SARS is working with financial regulators and collecting data from local exchanges. Licensed platforms, such as Luno and VALR, have stated they are ready to hand over information upon request as part of investigations.
SARS Commissioner Edward Kieswetter said the service will pursue all tax law violators to ensure fairness and funding for social programs.
