South African Government Creates New Crypto Regulatory Working Group To Oversee Adoption

Breaking: South African Government Has Set Up A Regulatory Working Group To Oversee Crypto Adoption

In a piece of highly welcome news for the cryptocurrency sector as a whole, the government of South Africa recently announced that it had been successful in establishing a ‘crypto regulatory working group’ to look at all things related to crypto and blockchain within the nation’s borders.

According to a respected local media outlet, the country’s Finance Minister, Tito Mboweni, was recently quoted as saying:

“It is anticipated that, following broad industry comment and participation, the crypto assets regulatory working group will be ready to release a final research paper on the subject during the course of 2019.”

If that wasn't enough, Mr Mboweni also added that he had instructed the South African Revenue Services to include a separate column for crypto declarations within the nation’s tax-return forms starting next year.

More On The Matter

As per a new press release that was made public yesterday, the South African parliament has given its seal of approval to a new taxation related amendment which basically classifies cryptocurrencies as “personal-use assets for capital gain tax purposes”. As a result of this, altcoins within the country will now be subject to existing VAT surcharges.

Final Take

Last but not least, it is worth remembering that earlier in June, the Central Bank of South Africa was able to successfully pilot an interbank payment system that is designed to make use of a tokenized fiat currency. Also, according to recently released statistical data, the population of S. Africa at large has been very welcoming of crypto— with around 40% of the country stating (via a recent poll based survey) that they would have invested in crypto-assets much earlier if they had been more educated on the matter.

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