South Africa Imposes a Tax on Cryptocurrency
April 10, 2018
Although the legal status of cryptocurrency in South African Republic has not yet been determined, the government has already imposed a tax on them. South African citizens must pay cryptocurrency capital gains tax.
South African Revenue Service, a tax-collecting agency of the country, published a document stating that all profits from crypto-related activity are now a subject to tax, despite the uncertain status of digital currencies. The regulator obliged citizens to report on their capital gains from cryptocurrency, otherwise they will be fined.
It is worthy to note, that the turnover of South African cryptocurrency exchanges grew significantly in 2017. One of the main reasons for it is the unstable economical situation in the country. Also in 2017 South African authorities began to work on the legislation to regulate this area.