Cryptocurrency Tax Guide for South African Individuals

An Introduction to Cryptoassets & Recap

Introduction

Crypto assets (often referred to as Cryptocurrencies) are considered to be an asset class in South Africa. Given the ever-changing crypto landscape and the constant development of new uses for and ways to invest in crypto, the tax consequences in South Africa are not always crystal clear.

Recap, in partnership with Head of Crypto Asset Taxation at Tax Consulting South Africa, Jashwin Baijoo, have prepared this comprehensive South African Tax Guide to outline the rules and considerations to keep in mind with regard to crypto asset tax for individuals in South Africa.

SARS Crypto Classification

SARS officially recognizes cryptocurrencies as 'crypto assets,' not as virtual currency, as seen in their ITR12 (Income Tax Return).

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