South African Crypto Investors and Service Providers Told of Legal and Tax Implications of Central Bank's Plan – Regulation Bitcoin News
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South African tax consultancy firm, Tax Consulting SA, warns of legal and tax implications of Central Bank's plan to regulate cryptocurrency in 12 to 18 months. South African Reserve Bank will not interfere in the investment decisions made by crypto investors, the consulting firm says. The consulting firm predicts that as the next step, SARB will introduce know your customer (KYC) procedures and exchange control regulations. The tax firm’s report in the meantime warned of possible tax implications that may arise which crypto investors must be aware of. Once the regulatory framework is in place, non-compliance will be easier to spot and at that point, South Africa's “wild west” crypto industry will be a thing of the past, the report concludes. Source