Cryptocurrency crackdown in South Africa - everything SARB, FinSurv, and IFWG said so far

Voicy said:
I don't understand their issue with international exchanges.

They haven't certified crypto as a currency, so Forex regulations don't apply. Crypto is an asset and you get taxed when you sell it for ZAR.

But if you cash out on an international exchange to a foreign bank account, you STILL pay taxes...if you aren't a resident, you pay tax in that country, if you ARE a ZA resident, you still get taxed in SA for those earnings...and if they already cover the taxes for foreign income with the latest ruling....so there's no need for a crypto ban.

Also, will this ruling be retroactive?

What if you have a hardware wallet? You transfer from ZAR bought Luno to a hardware wallet while you're on holiday in France for example. There's no "off shore" in crypto. The only off-shore rules that apply is when you CASH OUT.
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As stated numerous times, this isn't a tax issue
 
John Tempus said:
This is an oxymoron.

Crypto is NEVER actually in any one country, you are never bringing it anywhere since it is everywhere by design.
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I don't think this is about the technical implementations of crypto and blockchain, but rather how SARS isnn trying to enforce it.

My opinion is SARS is mostly after it for the tax money anyway, AML is probably a second fiddle.
 
Veroland said:
I don't think this is about the technical implementations of crypto and blockchain, but rather how SARS isnn trying to enforce it.

My opinion is SARS is mostly after it for the tax money anyway, AML is probably a second fiddle.
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Right. That is the actual issue here. SARS cannot state one thing that just blanket covers anything you could think of just because they say so. The real problem is that we need big players like Luno and Valr to take SARS to court immediately to rectify this blanket statements SARS is making right now.

You cant make a statement that it is a criminal act if you transfer crypto out of South Africa when it is 100% provable that the Crypto anyone is holding is not geolocated and originate from everywhere.

If SARS want to make this claim they have to first try and change the law that specifically state it doesn't matter where it is located but depends on if you are a South African citizen or not. Right now they are using fiat laws (ZAR originate from the actual country is send from) and for their own ease of gain applying it to something that operates entirely different (crypto that does not originate from any specific region).
 
Veroland said:
I don't think this is about the technical implementations of crypto and blockchain, but rather how SARS isnn trying to enforce it.

My opinion is SARS is mostly after it for the tax money anyway, AML is probably a second fiddle.
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Let's try again. This is an excon (SARB) not a tax (SARS) issue.
 
So if I need some ethereum in my metamask wallet... Can I buy with Luno and transfer it to my metamask account?
Or what must I do?
 
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