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South African Authorities Set Up Working Group On Crypto Regulation

17:20 03/01/2019

The Cabinet of Ministers of South Africa has established a working group on the regulation of the crypto sphere and blockchain, the local publication BusinessLive reports.

 

The government of the country anticipates that the experts will conduct a study and prepare a report by the end of 2019, Tito Mboweni, the finance minister, stated. The group will include representatives of the treasury, the country's reserve bank, the tax administration, and the financial regulation and supervision department.

Tito Mboweni

According to the minister, the tax service officials are now including cryptocurrency in the tax reporting forms for 2019. Moreover, the draft law of 2018 concerning changes in tax legislation already included amendments regarding cryptocurrencies.

 

Mboweni added that cryptos should not be treated as personal assets. If it’s about income taxes, they should be preferably considered as part of the value-added tax, the minister explained.

 

The government and financial regulators in South Africa are relatively loyal to blockchain and cryptocurrency. In the summer of 2018, the reserve bank announced the implementation of the Khokha project, which involves conducting of interbank payments based on distributed ledger technology.

As previously reported, the authorities are planning to make changes to the national payment system, operating since 1998, taking into account cryptocurrencies, which should become part of it.

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