The dominance of technology has transformed how business is conducted across all industries and sectors, as well as how individuals consume information. Whilst there has been a great deal of research and debate dedicated to the possible ways in which crypto assets, blockchain and Non-fungible Tokens can be utilised, there is a clear gap in the research that is aimed at understanding, at the consumer level, the experience of purchasing a crypto asset and how these assets fall within the tax register.
The regulation of crypto assets, not only in South Africa but globally, is evolving, and there is still much to be decided and explored in this area. Crypto assets were introduced to the world in early 2008 with the creation of Bitcoin. Following the widespread popularity of Bitcoin, several forms of crypto assets were created. With crypto assets having become increasingly popular globally, South Africans alike have taken to the markets to establish their own mines. Interest in crypto assets has spread nationwide. However, it remained unregulated for a significant time before the SARS and the South African Reserve Bank (SARB) introduced any form of regulation. In 2014, the Intergovernmental Fintech Working Group (IFWG) released its Position Paper on crypto assets, with the latest version being released in 2021. The position paper outlines South Africa’s stance and policy on crypto assets. The position paper states that the intention is not to regulate the crypto asset itself but rather the Crypto Asset Services Providers (CASPs).
In October 2022, the Financial Sector Conduct Authority (FSCA) announced that crypto assets would be classified as a financial product in South Africa under the Financial Advisory and Intermediary Services Act (FAIS). This has resulted in financial service providers who deal with crypto assets falling within the regulatory jurisdiction of FAIS. Consequently, entities regulated ...
- Crypto assets : the challenges with the taxation of crypto assets as a financial product in South Africa
- Preshanta Poonan
- Monray Marsellus Botha Prof.
- University of Johannesburg; LLM
- LLM, University of Johannesburg
- 9963304307691
- University of Johannesburg
- University of Johannesburg; Faculty of Law
- English
- Thesis