South Africans with a Luno wallet or VALR Pay will soon be able to use bitcoin to buy their groceries.
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South Africa will require that crypto exchanges in the country operate with licences by the end of the year.
The Prudential Authority has issued a “guidance note” to local banks saying they should provide banking facilities to crypto exchanges.
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.