A crypto assets regulatory working group dedicated to crypto and blockchain has been established by the South African government.
English-language local news outlet BusinessLive reported on the development on Jan. 2.
"It is anticipated that, following broad industry comment and participation, the crypto assets regulatory working group will be ready to release a final research paper on the subject during the course of 2019.".
The finance minister further noted that the SA Revenue Service is working to include cryptocurrencies in the tax forms for the next year.
The taxation laws amendment bill of 2018 included amendments that, Mboweni explained, would ensure that losses may only be offset against profits from crypto.
He added, these amendments would clarify that cryptocurrencies cannot be classed as personal-use assets for capital gain tax purposes, and would instead treat crypto as a financial service for VAT purposes.
As Cointelegraph reported in June, South Africa's central bank has successfully piloted an interbank payment system that employs tokenized fiat currency.
Cryptocurrency is also welcome by the local population, with 38 percent of South Africans reportedly wishing that they had invested in cryptocurrency before, according to a July survey conducted by the pan-African financial services company Old Mutual.
South African Government Establishes Crypto Assets Regulatory Working Group
gepubliceerd op Jan 2, 2019
by Cointele | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.