South African Revenue Service mulls adding crypto assets to compliance programmes
- SARS includes crypto assets in compliance programs.
- Taxpayers are urged to disclose cryptocurrency transactions.
- SARS is increasing audit team capacity for cryptocurrency enforcement.
The proactive stance taken by SARS and FSCA towards regulating cryptocurrency is commendable, as it addresses the growing concerns around compliance and fraud in the crypto market. However, the effectiveness of these measures will depend on the cooperation of taxpayers and the ability of regulatory bodies to adapt to the rapidly evolving crypto landscape.
