The South African Revenue Service (SARS) has warned cryptocurrency traders to pay taxes or face severe penalties. Over 5.8 million South Africans own digital assets, and traders must declare their profits and losses from crypto. SARS emphasized that failure to do so is unfair to honest taxpayers and harms vulnerable communities.
The agency, using advanced technology and international data sharing, is cracking down on tax evasion and has already sent warnings to non-compliant traders.
The Dubai regulator has shut down 7 crypto companies for operating without a license. The violators are also required to pay fines ranging from 50,000 to 100,000 dirhams each and must cease their activities immediately.
