A crypto assets regulative social unit dedicated to crypto and blockchain has been established by the South African (SA) government. English-language local news outlet BusinessLive reported on the event on January. 2.

Tito Mboweni — the South African government minister — declared:

“It is anticipated that, following broad industry comment and participation, the crypto assets regulative working party are able to release a final analysis paper on the topic during the course of 2019.”

The finance minister more noted that the SA Revenue Service is functioning to incorporate cryptocurrencies in the tax forms for the subsequent year. The taxation laws amendment bill of 2018 included amendments that, Mboweni explained, would make sure those losses could solely be offset against profits from crypto.

Also, he added, these amendments would clarify that cryptocurrencies can't be classed as personal-use assets for capital gain tax purposes, and would instead treat crypto as a money service for VAT purposes.

As Top Market Group reported in June, South Africa’s central bank has successfully piloted an interbank payment system that employs tokenized fiat currency.

Cryptocurrency is additionally welcome by the native population, with 38 % of South Africans reportedly desire that that they had invested with in cryptocurrency before, as per a July survey conducted by the pan-African money services company old Mutual.

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