South Africa Adopts Unique Cryptocurrency Reporting Framework, Setting It Apart in Africa

South Africa Adopts Unique Cryptocurrency Reporting Framework, Setting It Apart in Africa

Taxation for Cryptocurrency Transparency

More than 40 countries and jurisdictions, including South Africa, have agreed to adopt the Crypto-Asset Reporting Framework (CARF) aimed at improving tax transparency. This framework was developed by the Organisation for Economic Co-operation and Development (OECD) and is set to be implemented in March 2023. The goal of CARF is to enable automatic exchange of information between tax authorities regarding cryptocurrency exchanges, in an effort to combat offshore tax avoidance and evasion.

Standard Chartered Forecasts Bitcoin to Reach $100,000 by 2024

South Africa’s Revenue Service (SARS) pointed out the need to keep pace with the rapid growth of the crypto-asset market and to preserve recent worldwide tax transparency by adopting CARF. The implementation of this framework is expected to expand the country’s capacity to enforce tax compliance and prevent tax evasion.

Fighting Against Cryptocurrency Tax Evasion

According to SARS, the plan is to integrate CARF into national law by 2027, subject to the appropriate legislative procedures. South Africa as of now stands as the only African country that has agreed to implement CARF. Notably, the countries of China and Russia have not joined this agreement, as revealed by the HM Treasury.

Republic Announces INX’s Launch Date for Investment Security Token on Avalanche Blockchain


Hot Take

South Africa Takes the Lead in Joining Crypto-Asset Reporting Framework

By becoming the first African country to adopt the CARF, South Africa is demonstrating its commitment to combatting tax evasion and ensuring tax compliance in the rapidly growing crypto-asset market. This decision puts the country at the forefront of international efforts to encourage tax transparency and clamp down on offshore tax avoidance.

New Tax Regulations for Cryptocurrency Users Introduced in the UK
Author – Contributor at | Website

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

The Passing of Charlie Munger, the Cantankerous Bitcoin Critic, at 99: A Perspective on ‘Rat Poison’
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.

Subscribe to our Social Media for Exclusive Crypto News and Insights 24/7!

Email me the hottest Crypto news!

Latest Crypto News

Share via
Share via