South African Treasury on Crypto Regulations: Amendments to Relevant Laws to ...
The South African Treasury says it expects the amendments to the country’s financial laws — that will see crypto asset service providers being included as accountable institutions — to be finalized in 2022. Aligning Local Laws With FATF Standards The South African Treasury has said it expects the proposals to include crypto asset service providers as accountable institutions within the Financial Intelligence Centre (FIC) Act to be finalized this year. The move to regulate crypto service providers comes as South Africa is attempting to address the “significant....
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Updated crypto regulations in South Africa could boost partnerships but potentially marginalize those who need it most, local experts warn. As part of a series of amendments to South Africa’s financial laws, crypto-asset service providers will become accountable institutions. A report from the South African treasury announced further crypto regulations “to be finalized during 2022.”In brief, the proposed changes will ensure that “any person providing advice or intermediary services related to crypto assets must be recognized as a financial services provider under the act and must comply....
The postponement follows a successful lobbying campaign by local crypto advocates. The South Korean government has officially postponed a new tax regime on cryptocurrency gains until 2022.According to Yonhap on Dec. 1, the planning and finance committee of South Korea’s national assembly passed amendments to the country’s tax laws wherein a new cryptocurrency tax regime will come into effect in January 2022.On Nov. 25, the legislature suggested delaying the adoption of a cryptocurrency income tax rule to Jan. 1, 2022 instead of October 2021.The decision will provide local crypto businesses....
South Africa’s Reserve Bank will regulate cryptocurrencies as financial assets, and new laws are expected over the next 12 months. The South African Reserve Bank is set to introduce regulations next year that will see cryptocurrencies classed and treated as financial assets to balance investor protection and innovation.Cryptocurrency use in South Africa is in a healthy space, with around 13% of the population estimated to own some form of cryptocurrency, according to research from global exchange Luno. With more than six million people in the country having cryptocurrency exposure,....
A South African tax expert, Thomas Lobban, has warned non-tax paying crypto traders that they now face possible jail time if the South African Revenue Services (SARS) decides to lay tax offense charges against them. He adds that this threat of jail time similarly applies to South African crypto traders that use offshore exchange platforms to trade or store their crypto assets. Lack of Guidance Blamed Lobban’s warning follows reports earlier in the year which suggested that changes to South African tax laws may have made it “easier for SARS to secure criminal convictions for....
South African crypto firms are threatening to move operations abroad if lawmakers don’t provide clear regulatory guidelines. South African crypto firms are threatening to move abroad if local lawmakers are unable to provide regulatory clarity to its domestic digital asset industry.Speaking to Bloomberg, Sean Sanders, the CEO of local crypto investment platform Revix — who plan to relocate their head office to the United Kingdom, described the South African government as being “incredibly slow” in clarifying regulatory guidelines for the crypto industry.“That leads to businesses looking....