Table of Contents
- Executive Summary
- Introduction
- 国产视频 Our Organizations
- Methodology and Terminology
- First Principles of Civil Society
- Blockchain and Digital Currency
- Use Cases
- Key Findings
- Other Findings
- Conclusion
- Appendix 1: Virtual Currency Terminology
- Appendix 2: International Highlights
- Appendix 3: Australia
- Appendix 4: Bermuda
- Appendix 5: Canada
- Appendix 6: Denmark
- Appendix 7: Malta
- Appendix 8: Singapore
- Appendix 9: South Africa
- Appendix 10: Switzerland
- Appendix 11: United Kingdom
- Appendix 12: United States
Appendix 9: South Africa
Highlights
- Virtual currencies are generally unregulated in South Africa. At the time of this writing, several bills have been introduced to regulate virtual currencies, but none have been enacted.
- Consequently, South Africa does not tax gains or losses related to cryptocurrencies. However, proposed amendments seek to provide clarification. For example, the Income Tax Act, as currently drafted, seeks to define cryptocurrencies as financial instruments for purposes of calculating gains and losses.
- The Fintech Unit of the South African Reserve Bank (SARB) participated in Project Khoka, a trial interbank wholesale settlement system using distributed ledger technology (DLT), but to implement a DLT-based payments system.
Virtual Currency-Specific Regulations
- South African Reserve Bank, (2014)
- South African Reserve Bank, (accessed 2019) [explaining that the 2014 Position Paper is still relevant]
- South Africa Intergovernmental FinTech Working Group (Crypto Assets Regulatory Working Group), (Jan. 2019)
- Republic of South Africa National Treasury, (2014)
Nonprofit Regulations
- South African Revenue Services, (2004)
- South African Revenue Services, (2019)
- South Africa Financial Sector Conduct Authority, (2008) [duties on persons custodying/controlling assets of another]
- South African Government, , No. 71 (2000)
Tax Regulations
- South African Revenue Services, (Apr. 2018)
- South Africa Parliamentary Monitoring Group, (B38-2018) Section 77: Money Bills [amending the 1962 Income Tax Act to include 鈥渃ryptocurrency鈥; exempting cryptocurrency from ].
- South Africa National Treasury,
- South Africa Revenue Services, (2019)
Anti-Money Laundering Regulations
- South Africa鈥檚 AML laws do not appear to apply to cryptocurrencies.
- Sources: Law Library of Congress, (April 2019), citing Jan. 2019 Crypto Assets Regulatory Working Group paper.
- South Africa Financial Intelligence Centre, (2017) [Generally establishes money laundering reporting requirements]
Other Relevant Regulations, Sources, Notes
- Global Legal Insights, Blockchain & Cryptocurrency Regulation (2019),
- (April 2019)
- International Center for Not-for-Profit Law (ICNL), (2019)
- Practical Law, (2018)
- PwC, South Africa: ; (2019)