🇿🇦 South Africa drafts proposal to tax crypto

The South Africa Revenue Service (SARS) proposed draft regulations that treat cryptos as intangible assets and thus cryptos are subject to income tax. This means that South Africans will have to declare their crypto profits and losses when they declare their taxable income. The draft regulations also touch on the Value-Added Tax (VAT) treatment, as crypto transactions are considered a service. SARS clarifies that crypto will be treated as an exempt financial service and thus VAT will not be applied to the issue, acquisition, collection, buying, selling or transfer of ownership of any crypto.