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Types of Cryptocurrencies

Types of Cryptocurrencies

TYPES OF CRYPTOCURRENCIES Cryptocurrency or crypto assets, as referred to by the South African Revenue Service (“SARS”), is an electronic, decentralised (non-bank affiliated) currency, which can be traded or used as a medium of exchange. These assets, as well as their record of ownership, are stored in a digital blockchain ledger where transactions are protected by means of cryptographic technology.  …

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What Is Cryptocurrency?

What Are Cryptocurrencies?

WHAT ARE CRYPTOCURRENCIES? Over the last couple of years, cryptocurrencies (or, more accurately, crypto assets) have taken centre stage for many hopeful investors. However, uncertainty remains about what exactly crypto assets are and how investors should be taxed.  READ MORE For the purposes of understanding crypto asset taxation, it is appropriate to turn to the local revenue authority for a clear definition of cryptocurrencies. On …

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Misdirected Regulation Creates Banking Woes For Crypto Traders

Misdirected Regulation Creates Banking Woes For Crypto Traders

MISDIRECTED REGULATION CREATES BANKING WOES FOR CRYPTO TRADERS Since their inception, crypto assets have confounded investors and governments the world over. Their novelty, diversity and accessibility opened them up to scrutiny from fiscal authorities, while their volatility opened investors up to susceptibility. READ MORE Thomas LobbanHead of Crypto Asset Taxation Featured in Previous Next National …

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The Crypto Tax Indaba: Data Analyses And Lifestyle Audits

The Crypto Tax Indaba: Data Analyses And Lifestyle Audits

THE CRYPTO TAX INDABA: DATA ANALYSES AND LIFESTYLE AUDITS During a recent panel discussion at the 2021 South African Institute of Taxation (SAIT) Tax Indaba, crypto assets, and the taxation thereof, once again came up as a sensitive topic amongst industry professionals. READ MORE Featured in Previous Next The five members present for the virtual …

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South Africa Issues Guidance On Crypto Asset Tax, But The Taxman Struggles

South Africa Issues Guidance On Crypto Asset Tax, But The Taxman Struggles

SOUTH AFRICA ISSUES GUIDANCE ON CRYPTO ASSET TAX, BUT THE TAXMAN STRUGGLES On 27 August 2021, SARS provided further guidance on the correct tax treatment of crypto assets and how this must be declared in their returns. This took place in the form of a webpage published by SARS, entitled “Crypto Assets & Tax”. The …

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South Africa Takes on Non Compliance in the Crypto Tax Space

South Africa Takes on Non-Compliance in the Crypto Tax Space

SOUTH AFRICA TAKES ON NON-COMPLIANCE IN THE CRYPTO TAX SPACE While the population of cryptocurrency in South Africa has sourced in recent years and the past few months in particular, the South African Revenue Service (SARS) is seemingly beginning to play hardball when it comes to outstanding tax liability. READ MORE Thomas LobbanLegal Manager, Cross-Border …

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Ring Fencing Crypto Losses

Ring-Fencing Crypto Losses

RING-FENCING CRYPTO LOSSES Yet another grey area around crypto asset taxation has come to light. Investors are asking whether they can claim assessed crypto losses against other income. The answer, as with everything pertaining to crypto asset tax, is not that clear-cut. READ MORE Thomas LobbanLegal Manager, Cross-Border Taxation The Part-Time Crypto Trader Let’s assume …

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