The growth in the adoption of Bitcoin and other Cryptocurrencies in South Africa is evident in the fact that South Africa is currently ranked first in terms of bitcoin related searches on Google trend. Moreover, the country witness the installation of a Bitcoin ATM, the very first in the country.
The South African government had drafted a law to regulate Cryptocurrencies in the country.
Based on the law drafted on Cryptocurrency by the South Africa Treasury on July 16th, Cryptocurrency taxpayers are only required to declare the losses and gains that they encountered in carrying Cryptocurrency transactions and the South African Cryptocurrency tax regulators will then look in to what is propose by the taxpayer and decide if it is capital or revenue in nature.
Bad Law
This law entails that those who trade Cryptocurrencies may not profit from valuing their unsold Cryptocurrencies using valuation methods provided.
Get more insights here;
https://news.bitcoin.com/law-firm-south-africas-draft-tax-law-could-affect-cryptocurrency-use/
I hope this sparks amendments in the current law.
Thank you for your time!
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