SARS targets crypto asset traders
The SARS is turning the screws on crypto asset traders using ‘International Tax Standards’, with local regulatory changes set to come into effect from March 2026.
This will be done through the Crypto-Asset Reporting Framework (CARF) and revised Common Reporting Standard (CRS) regulations.
These draft regulations, which are proposed to become effective on 1 March 2026, will increase the regulatory and reporting burden on crypto service providers and taxpayers in SA.
BusinessTech reports that tax experts at Tax Consulting SA says SARS hopes to uncover global crypto assets and activities by strengthening tax treatment and building on the automatic exchange of information across various services.
‘As the cryptocurrency market rapidly expands and the global financial landscape evolves, tax authorities worldwide are intensifying their efforts to maintain transparency and combat tax evasion,’ the group said.
‘SA’s release of draft regulations for the CARF and updated CRS represents a significant advancement in compliance with international standards.’
These proposed regulations, published this month, aim to foster the automatic exchange of tax-related information concerning both traditional financial assets and emerging crypto-asset classes.
The CARF regulations are instrumental in SA’s commitment to meet international tax standards, while also allowing SARS to pursue tax collection from the 5.8m SA taxpayers engaging in crypto-related activities.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
