African Country Established A Crypto Assets Regulatory Group

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We’re always happy to report on cryptocurrency regulation initiatives in various countries around the world. Lack of proper regulations is one of the main problems in the crypto-sphere. It is also one of the main issues hindering adoption and preventing larger investors from hopping onto the crypto-train.

It’s great that of the first news we get to share with you in 2019 is that the government of South Africa has established a crypto assets regulatory group “to investigate all aspects of cryptocurrencies and related blockchain concepts”.

A local, English-language news outlet reports that the government is aiming at creating a “unified intergovernmental regulatory framework”. 

“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.” – Tito Mboweni, South African finance minister.

The working group reportedly includes representatives from multiple bodies, including the Reserve Bank and the SA Revenue Service (Sars). Mboweni announced that cryptocurrency will be easier to declare on 2019 tax form:

“work is under way within Sars to consider the amendment of the tax forms for the 2019 tax season in order to cater for the description of other assets (which will include cryptocurrencies) by means of a specific description field on the form”

Normal income tax rules are to be applied to cryptocurrencies.

Images by Shutterstock.com

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