MBABANE:As the cryptocurrency market rapidly expands and the global financial landscape evolves, tax authorities worldwide are intensifying their efforts to maintain transparency and combat tax evasion, Moneyweb reported on Sunday.
It has been reported that compliance remains essential for financial institutions and crypto service providers, and any evasive tax strategies will be unravelled by the South African Revenue Service (SARS).
“South Africa’s adoption of the Organisation for Economic Cooperation and Development’s (OECD) Crypto-Asset Reporting Framework (Carf) and an updated Common Reporting Standard (CRS) represents a significant advancement in compliance with international tax standards, and the eradication of crypto-tax evasion. The implementation of these regulations aims to foster the automatic exchange of tax-related information concerning both traditional financial assets and emerging crypto-asset classes.
As South Africa prepares to implement the world’s most comprehensive international tax transparency frameworks on 1 March 2026, significant changes in financial and crypto-asset reporting are anticipated. These regulations introduce strict disclosure and due diligence requirements for financial institutions and crypto service providers,” reads the Moneyweb report in part.
SARS Bloemfontein Office (pic:SARS).