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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Shiraz J
Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today