South African Revenue Service details its Position on Cryptocurrency

Countries around the world are having dialogue about the implementation of taxes and regulations on cryptocurrency.  Within the last week we have seen Australia launch new cryptocurrency regulations, plus Thailand’s Council of State and Cabinet approve a cryptocurrency tax plan.  Most recently, The South African Revenue Service, or SARS, has detailed its plans to tax cryptocurrency in South Africa.

In the April 6th release, SARS explains that cryptocurrencies “are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange.”  

Therefore, cryptocurrencies will be recognized as assets of an intangible nature. Assets of intangible nature cover any asset that is not physical. Corporate intellectual property such as trademarks,…

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