Government tackling cryptocurrency challenge, says finance minister
The government has established a crypto assets regulatory working group to investigate all aspects of cryptocurrencies and related blockchain concepts. This is with a view to developing a cohesive governmental response to cryptocurrencies and a unified intergovernmental regulatory framework, finance minister Tito Mboweni said in a written reply to a parliamentary question by Freedom Front Plus MP Wouter Wessels. The minister said the working group includes representatives from the Financial Intelligence Centre, Financial Sector Conduct Authority, Treasury, the Reserve Bank and the SA Revenue Service (Sars). “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,” Mboweni said. He noted that Sars is unable to accurately trace the number of declarations pertaining to capital profits on cryptocurrencies as the existing income tax retu...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.