ChainCatcher news, according to Bitcoin.com, the South African Revenue Service (SARS) has announced the inclusion of crypto assets in its compliance program. The revenue service is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.SARS recently stated that it felt it necessary to take this step after noticing that taxpayers were not declaring crypto assets and transactions on their tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies.In its latest comments on the issue, SARS stated that it is working to simplify compliance for taxpayers and traders. Meanwhile, tax officials emphasized the consequences of intentional tax evasion. To achieve this goal, SARS stated that it has strengthened its audit team and adopted the latest technology.

ChainCatcher news, according to Bitcoin.com, the South African government is tightening regulations on cryptocurrency trading. The tax authority (SARS) is issuing tax notices and clarifying relevant regulations, potentially using artificial intelligence (AI) to identify non-compliant traders.The South African Reserve Bank (SARB) has clarified its position on the purchase of crypto assets. According to SARB regulations, individuals can purchase crypto assets using a single discretionary allowance or foreign exchange capital allowance, but companies cannot invest in crypto assets through the foreign direct investment incentive program. SARB also stated that cross-border or foreign exchange transfers solely for the purpose of purchasing crypto assets are not permitted.