Spotlight on crypto

Better technology and collaboration between countries make things easier.

- Ina Opperman

The South African Revenue Service (Sars) is after people who make money with crypto assets and hide the spoils instead of declaring them on their tax returns, as more than 5.8 million South Africans hold a crypto asset.

Sars said it had noted the phenomenal growth in many South Africans' use of various digital currencies, with the prevalence of crypto assets one of the most prominent.

Sars commissioner Edward Kieswetter said they were concerned that taxpayers did not declare the crypto assets and trades on their tax returns. He said Sars was legally obligated to account for any income or assets held by taxpayers and previously invited crypto exchanges and people who trade or hold crypto assets to disclose it voluntarily.