| Body | Covers |
|---|---|
| FSCA | Licensing of crypto asset service providers under FAIS |
| Financial Intelligence Centre | Identity verification and suspicious transaction reporting |
| SARS | Tax on disposals, mining and staking rewards |
| SARB | Cross-border movement of value and exchange control |
| Prudential Authority | Where a bank is involved |
| Item | Detail |
|---|---|
| Declared a financial product | October 2022 |
| Licence required | Category I FSP, crypto asset subcategory |
| Deadline for applications | November 2023 |
| Who needs it | Anyone advising on or intermediating crypto assets to South Africans |
| Who does not | A person buying and holding for their own account |
| Activity | Treatment |
|---|---|
| Buying and holding, then selling | Capital or revenue, on the usual intention test |
| Frequent trading | Revenue, taxed at your marginal rate |
| Mining rewards | Revenue when received |
| Staking rewards | Revenue when received |
| Crypto to crypto swap | A disposal, taxable, even with no rand involved |
| Paying for goods | A disposal of the crypto |
Data maintained by TradeAnswers · updated as the figures change