📢Good news! The South African Revenue Service (SARS) has begun tax audits on cryptocurrency traders! 🔍This is not only a warning to traders, but also a reminder to the entire industry that standardized development is the hard truth! 💪

SARS is actively collecting information from major crypto asset exchanges to assess compliance in all aspects. Under the Tax Administration Act, traders may face criminal charges if they fail to provide the requested information! 😱

Not only that, SARS may also investigate historical cases of undeclared cryptocurrency ownership. According to Tax Consulting SA, the review may involve past violations by cryptocurrency traders. 😰

However, SARS does not provide clear guidance on whether crypto transactions are considered capital gains or income, so it remains challenging to accurately record gains and losses on local and foreign crypto exchanges. 💼

We are always optimistic about Bitcoin, but standardized development and compliant operations are the way to go! 👑 (Bitcoin.com)