Government crypto crackdown is due to tax fears — Dawie Roodt

[Luis]

Government crypto crackdown is due to tax fears — Dawie Roodt

Economist Dawie Roodt said the real reason the National Treasury wants to clamp down on cryptocurrencies is that it will make it easier for South Africans to pay less tax.

Roodt shared his views with Biznews about the National Treasury's draft Capital Flow Management Regulations, which were published for public comment in April.

 

[Corelli]

300 000 just lost their jobs, so thats less tax automatically

 

[Sargeant]

Let's first deal with the Dollars in the Couch before talking to South African about crypto or foreign currencies!

 

[nicroets]

ELI5 how to pay less tax with this "money": What work can I do where I can earn this "money" ? Where can I spend this "money" ?

Dawie is wrong: This is much more SARB peeing their pants than SARS.

Countries without exchange control is much more crypto friendly. Like the US having clear laws on stable coins. Star Link using stable coins using stable coins to remit their revenue.

 

[oros]

Dawie will be good as a minister of finance and he doesn't held back.....

 

[Swa]

“These regulations smother the economy. Let the police do their job and catch the criminals and money launderers,” he said.

Which police? The fat ones behind a desk or the ones complicit in crime? South Africa's police system is "vrot" which is why we have all these regulations.

 

[Zellephant]

Which police? The fat ones behind a desk or the ones complicit in crime? South Africa's police system is "vrot" which is why we have all these regulations.

Your conflating separate issues here, Dawie is 100% correct in his statement. The fact that the police are incompetent to prosecute cybercrimes and money laundering doesn’t justify creating new restrictive laws that in the long run strangle growth. The solution is to sort out the police.

 

[Zellephant]

Dawie will be good as a minister of finance and he doesn't held back.....

Or DTI. He is very good at making money, and making money work.

 

[FiestaST]

https://twitter.com/x/status/2057736376611651970

 

[ElecRcFan]

In the drfat legislation there is no recommended procedure process punishment or consequences if someone forgets there crypto password/s.
People forget stuff all the time.
Is there a platform where ppl can share ideas on what to write and how to compose reasons opposing this legislation before the dealine end of June 2026? today is 28 May 2026
1 month to go.

 

[Swa]

Your conflating separate issues here, Dawie is 100% correct in his statement. The fact that the police are incompetent to prosecute cybercrimes and money laundering doesn’t justify creating new restrictive laws that in the long run strangle growth. The solution is to sort out the police.

The issues aren't separate. I'm not saying it's an excuse but our ineffective legal system is the whole reason we have the plaster of overregulation and legislation. While that continues nothing will be effective as the very means of enforcement isn't there. That is the hallmark of corrupt and failed states.

 

[L-Dog]

https://iol.co.za/business-report/economy/2026-06-02-high-court-rules-bitcoin-is-capital-under-sa-exchange-control-laws-orders-r6m-forfeiture/

Bitcoin/Crypto is not money, o wait it can leave SA and won't be taxed my bad it is money!

 

[purrr]

Still early.

 

[Grant]

The National Treasury made it clear that it does not intend to criminalise the possession of crypto assets or to apply the regulations retrospectively.

However, it wants to control cross-border crypto asset transactions and force South Africans to declare their holdings.

before i read the article my immediate thoughts were about exchange control.
i can see where govt would want to get a grip on exchange control - hell in the very early days of crypto i shifted significant amounts out the country - in an instant and bypassing exchange control regulations, bank fees . .

i'm not sure about the taxation aspect - taxes are usually implemented at the point of sale - no matter the currency, be it card, cash, lending finance etc