High Court ruling on crypto exchange control suspended pending appeal
Until the appeal is resolved, the operation of the exchange control rules remains unchanged, and market participants should err on the side of compliance.
Cryptocurrency
Cryptocurrencies outside Exchange Control Regulations, court rules
Legal experts anticipate a legislative response to plug the loophole and safeguard against large‐scale capital flight via digital assets.
Bitcoin adoption: increasingly part of my investment portfolio
Net cumulative purchases via pure Bitcoin ETFs have surged 2.5-fold since mid-March. This influx underscores growing institutional conviction in Bitcoin as a core portfolio allocation.
Under-reported crypto income may lead to tax assessments on past profits
With SARS tightening crypto enforcement, taxpayers should review their past filings, ensure accurate reporting of crypto profits, and consider the Voluntary Disclosure Programme to avoid severe penalties and interest.
MTI liquidation: a global effort to recover crypto funds from a Ponzi scheme
Leveraging the Model Law on Cross-Border Insolvency, the liquidators co-ordinated with courts in the US, UK, and Australia, setting a precedent for future international crypto claims.
Pensioner claims cryptocurrency trader could have stopped fraud
The High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
Hawks investigating reported death of MTI founder Johann Steynberg
Brazilian reports spark speculation as South African authorities probe the circumstances surrounding Steynberg’s alleged death.
Sam Bankman-Fried gets 25 years’ imprisonment for FTX fraud
The judge criticised Bankman-Fried for his lack of remorse and stated that he knew his actions were criminal.
High Court upholds joint liquidators’ role in MTI winding-up
The High Court ordered the applicants to pay punitive costs, saying their allegations were spurious and damaged the joint liquidators’ reputations.
US court orders SA ‘multilevel marketing scam’ to pay R32bn to victims
The order against MTI is in addition to the R65bn in penalties imposed on founder and CEO Johann Steynberg earlier this year.
Confidence in the economy at an 8-year low, Old Mutual research finds
Latest Savings & Investment Monitor contains insights into South Africans’ appetite for investment risk and investing offshore.
Understand when tax is triggered on crypto assets
Clarity on when a gain is considered revenue or capital.
Crypto assets as a financial product: what are the exchange control and tax implications?
It’s possible that, at some point, providers of crypto asset services will be required to submit third-party data to Sars.
Are you ready for imminent crypto regulation in South Africa?
A long period of silence on cryptocurrency regulation in South Africa has finally been broken. South African Reserve Bank (SARB) deputy governor Kuben Naidoo has now confirmed that new regulations are set to […]
Cryptocurrency ownership in SA below global average
The rate of cryptocurrency adoption is higher in South Africa than in countries such as the United States, the United Kingdom and Germany – if the results of a survey conducted by consumer […]
Crypto Currency scam sets new “record”
Last year South Africa achieved yet another dubious record when the Mirror Trading implosion was regarded as the biggest crypto currency scam ever. On 23 June Moneyweb reports: Africrypt ‘hack’ of nearly R54bn […]
South African fintech in 2019 – What can we expect?
According to Wikipedia financial technology, often shortened to FinTech or fintech, is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is […]
