The South African Revenue Service has requested exchange platform operators to provide personal information of users
The three major crypto exchanges of South Africa, Altcointrader, Valr and Luno, have confirmed rumours that they were requested by the South African Revenue Service (SARS) to provide user information.
This is part of a task risk assessment exercise on residents involved in crypto mining, speculation or investment in terms of section 46 of the South African Tax Administration Act.
According to Bitcoin News, Farzam Ehsani, who is the CEO and co-founder of Valr, has expressed concerns on consumer privacy.
We are also committed to being compliant with the laws and regulations that govern our business. We have engaged with SARS to express our concern for the privacy of the data of our customers and we have also sought legal advice on our obligation to comply with SARS’ request.
Nonetheless, all platform operators will comply, as the law demands. Additional services will be implemented to facilitate tax declarations. Customers will be able to download a transaction history to easily get any tax work done.
Next up: Malta Week
Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMA, AIBC, Med-Tech World and AGS, each presenting the top developments of their focal industries.
The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policy makers and thought leaders.