cryto

blockchain

New Crypto Assets Regulatory Working Group Formed In South Africa

Cryptocurrency Regulations are the hot topic and the matter of concerns almost for every nation from the past 2 years significantly. Governments after perceiving the interest of the citizens and in the race of becoming strong economies are considerably focusing on drafting new regulations and concerned regulatory associations as a watchdog for the right implementation of laws.

Although, it’s hard to find a steady and unfailing legal approach still progressive governments are endeavoring to come up with a few legalities and forming regulatory working groups.

Recently, the South African government has announced the establishment of a new crypto assets regulatory working group in the country. The latest news reported by the local news portal BusinessLive.

The South African finance minister, Tito Mboweni, confirmed that:

“It is anticipated that, following broad industry comment and participation, the crypto assets regulatory working group will be ready to release a final research paper on the subject during the course of 2019.”

Tito Mboweni also informed that South African Revenue Service is in the process of mentioning cryptocurrencies in the tax forms by next year and the possible modifications will clarify that cryptocurrencies can be classified as an as a financial service for VAT purposes instead of considering as a personal-use asset for capital gain tax.

In an effort of embracing digital currencies the South Africa’s central bank last year in June, effectively executed a pilot project by using cryptocurrencies into the interbank payment system.

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

HOT TOPIC

Pattaya City Deputy Mayor Discussing Partnership and Government Support for CoinAdvice Conference Scheduled to be Held on March, 2019In, , , ,
Pattaya City Deputy Mayor Discussing Partnership and Government Support for CoinAdvice Conference Scheduled to be Held on March, 2019
January 18, 20190
blockchainIn, , ,
Bitcoin Approaching Bottom, Institutional Money may “Explode Crypto”, as per Dollar Vigilante
January 14, 20190

LITECOIN NEWS

bitcoinIn, , ,
Investors Quite Considerate While Dipping Their Toes Into Crypto Water, as per Winklevoss Capital
January 18, 20190
blockchainIn, , ,
Founder of Ethereum Joins Board of Directors of Cryptocurrency Startup ErisX
January 18, 20190


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin3,696.97 0.05 % 1.87 % 2.04 %
Ethereum123.44 0.17 % 2.47 % 0.76 %
XRP0.327 0.05 % 1.18 % 0.25 %
Litecoin32.78 0.41 % 4.86 % 1.20 %
Bitcoin Cash128.74 0.20 % 1.02 % 3.46 %