The CEOs of two of the country’s largest crypto exchanges believe the fundamental underpinnings of the industry are still strong, but asset prices may not rebound quickly.
South Africa is falling behind its African peers in the blockchain investment race, but the country is making solid progress in creating a regulatory framework to govern the sector.
VALR.com, the cryptocurrency exchange co-founded by Farzan Ehsani, has raised more than R750-million in funding at a valuation of about R3.7-billion.
The bitcoin price on VALR.com, a local cryptocurrency exchange, topped R1-million in early evening trading on Tuesday
The South African Revenue Service has made it more difficult for taxpayers to get approval on crypto arbitrage trades using their R10-million/year foreign investment allowance.
The only reasonable course of action is to be proactive, and those taxpayers who are at risk of being “found out” should take the cue and rectify their affairs before it is too late. By Thomas Lobban.
South Africa’s three largest cryptocurrency exchanges say they have been approached by the South African Revenue Service as part of a tax risk assessment exercise on residents.
Crypto exchange iCE3 said it had been “advised to initiate liquidation proceedings” after suspending all trading on the exchange in March following the discovery of account discrepancies.
A Financial Sector Conduct Authority health warning on cryptos comes amid a flood of complaints from investors who lost money or were scammed, says head of enforcement at the regulatory body, Brandon Topham.
It’s certainly not at the same scale as a Tesla or a MicroStrategy, but some privately held South African firms have started converting a portion of their cash holdings into cryptocurrencies like bitcoin.