South Africa's government has developed a "crypto asset regulatory working group"

02 Jan, 2019 | Updated: 02 Jan, 2019
by Will Heasman
Adoption
South Africa's government has developed a crypto asset regulatory working group

According to Buissnesslive, the South African government have established an exploratory cryptocurrency working group in order to investigate cryptocurrencies and their underlying technology, blockchain.

The government is looking to formulate a response to cryptocurrencies through this working, as well as look at ways in which cryptocurrencies could potentially be implemented within the country via an intergovernmental regulatory framework.  

Finance minister Tito Mboweni announced that the findings of the group will be released sometime this year:

“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 minister noted that the working group would include representatives from the Treasury, the Financial Sector Conduct authority, the SA revenue service (SARS) and the Financial Intelligence Centre.

Furthermore, according to Mboweni, South Africans will soon be able to declare their profits from cryptocurrency within the country’s tax forms:

“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.”

Africa as a whole has seen an upswing in interest when it comes to cryptocurrency, with paxful - a popular peer to peer crypto marketplace- citing an increase in transactions of 25% in South Africa and up to 100% in other parts of the continent.

Read more: Nigerian blockchain expert "Crypto is on the rise and a push for Africa economy"

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