How Government’s Policies Affect Cryptocurrency In South Africa
The control over crypto in South Africa can’t be called tight but also doesn’t seem loose. The government watches the transactions made with virtual cash very closely. That’s one of the downsides to trading crypto in South Africa.
The average salary of a person living in South Africa is very small compared to other countries. If you learn how to trade, you can become rich there in no time. This is one of the main perks of being a crypto trader in a country such as South Africa.
Taxation of crypto in South Africa
The South African Revenue Service or SARS sees cryptocurrency as a digital and an unexisting asset and doesn’t consider crypto as a currency, or property. Due to that, taxes that apply to crypto in South Africa are the same that apply to gross income. The tax on gross income is at 28%, so taxes applying to crypto are 28% as well.