The South African Revenue Service (SARS) has announced plans to include crypto assets in its tax compliance program, according to Wu. SARS is seeking information on crypto users and stepping up efforts to identify and audit non-compliant taxpayers.

The tax collector urged taxpayers who are concerned about compliance to participate in the voluntary disclosure scheme, but those who are already under audit will not be eligible. SARS stressed the consequences of wilful tax evasion and said it would pursue all non-compliant taxpayers.