Using an overseas Bitcoin exchange under SARB regulations

Does that mean any gains earned is not taxed when brought back into SA?
 
F1 Fan said:
Does that mean any gains earned is not taxed when brought back into SA?
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I would also like more clarity / explaining on the matter.

Don't think it's that simple tho
 
What is the SARB big interest in all this Crypto stuff which they have already said it is not real money? Whenever an individual takes a risk with his own money, you can be sure the banking cartel is there ready to take a portion of your risk reward for themselves. Luckily though...blockchain is over their heads
 
To demonstrate the absurdity of applying traditional exchange controls to crypto, I could buy R10m worth of bitcoin locally on Luno, transfer it to a private wallet, exchange into a privacy coin and back to another wallet (or just blend it) and use or take it anywhere in the world and nobody would be any the wiser, no matter whether Luno had my FICA information or not.

That "wallet" could be nothing more than a set of words without which the money would be completely inaccessible. And here's where things become absurd in the context of traditional banking - let's say I emailed or copied my encrypted wallet keys to a friend in Australia for safe keeping should anything happen to me. Where is the "money" now, since I still have a local copy? Is it in Australia, or SA? What happens when I store my wallet in the cloud (inadvisable security practice, but people do this) - the file could exist on a dozen servers around the globe?
 
LOL. Crypto is one way to get around the R1m limitation and technically it's 100% legal as you never take any money out of South Africa.
 
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