{"id":9635,"date":"2026-01-05T22:02:31","date_gmt":"2026-01-05T22:02:31","guid":{"rendered":"https:\/\/microvibenews.com\/?p=9635"},"modified":"2026-01-05T22:02:31","modified_gmt":"2026-01-05T22:02:31","slug":"sa-and-sars-on-board-with-global-crypto-reporting-initiative","status":"publish","type":"post","link":"https:\/\/microvibenews.com\/?p=9635","title":{"rendered":"SA (and Sars) on board with global crypto reporting initiative \u2026"},"content":{"rendered":"<p><\/p>\n<div id=\"textFreeArticle\">\n<p><iframe loading=\"lazy\" src=\"https:\/\/iframe.iono.fm\/e\/1632142?layout=modern\" width=\"100%\" height=\"170\" frameborder=\"0\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>You can also listen to this podcast on iono.fm here.<\/p>\n<p><b>JIMMY MOYAHA:<\/b> It\u2019s crypto season, or at least it has historically been a good time for crypto markets to rally in the [year-end] period. But this time around we have some new information to take into account if you are looking at the crypto space; and of course it relates to taxation.<\/p>\n<p>We have a Crypto-Asset Reporting Framework that was proposed by the South African Revenue Service earlier in 2025, and the public commentary deadline for that expired in early October. We\u2019re going to look at this framework and what it means for the crypto world in more detail.<\/p>\n<p>I\u2019m joined on the line by the partner and head of fintech and digital assets at\u00a0<span lang=\"EN-GB\">Forvis Mazars SA<\/span>, Wiehann Olivier, to look at this and see what to make of it. Wiehann, lovely to have you on the show. Thanks so much for taking the time.<\/p>\n<p>Let\u2019s start with the backstory around the Crypto-Asset Reporting Framework. Where did it come from? How did it come about? What spurred this on?<\/p>\n<p><b>WIEHANN OLIVIER:<\/b> The Crypto-Asset Reporting Framework is a global initiative developed by the OECD, the Organisation for Economic Co-operation and Development, together with the G20 countries. The main goal is simple. It\u2019s to give authorities visibility over crypto transactions.<\/p>\n<p>Listen\/read: Obligatory crypto reporting and SA tax compliance<\/p>\n<p>You might ask why this is necessary. Well, crypto assets like Bitcoin and Ethereum can move around and be stored without banks or central intermediaries or administrators, which makes it very hard for tax authorities to track these activities.<\/p>\n<p>That lack of visibility creates a real risk of tax evasion, and that\u2019s where the Crypto-Asset Reporting Framework is designed to close that gap.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Now why is this important? Crypto has grown immensely. If you look at the adoption globally it\u2019s immense over the last couple of years. And without this proper reporting, governments lose out on that tax revenue [through what] we refer to as tax leakages.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<blockquote>\n<p>The Crypto-Asset Reporting Framework introduces automatic annual reporting of crypto transactions to these authorities like the South African Revenue Service, Sars, both locally and internationally, so everyone plays under the same rules effectively.<\/p>\n<\/blockquote>\n<p>And in South Africa, I think more importantly, we\u2019ve also signed up to adhere to the regulations set out by the Crypto-Asset Reporting Framework and follow the timelines prescribed by the OECD.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Read: Sars tightens its grip on crypto traders<\/p>\n<p>So, starting September 2026, crypto-asset service providers in South Africa \u2013 which include cryptocurrency exchanges, OTC desks; those types of virtual asset service providers \u2013 will need to report data to Sarb [South African Reserve Bank].<\/p>\n<p>From 20th September 2027, a year subsequent to that, South Africa will also be sharing information with other tax-collection agencies abroad as well.<\/p>\n<p><b>JIMMY MOYAHA:<\/b> Now Wiehann, you touched on the \u2018Casps\u2019 as we know them, the crypto-asset service providers. Initially they were just service providers, and we saw a regulation change from their perspective as well. We saw that from an FSCA [Financial Sector Conduct Authority] perspective a Casp licence was introduced. It was supported by the South African Reserve Bank and it meant that there became a structured framework for these service providers to operate under, including the fact that crypto assets were then designated a financial asset by South African laws and regulations.<\/p>\n<p>Listen\/read: Court ruling exposes crypto exchange-control loophole<\/p>\n<p>Take us through that transition, and how that alignment now sits with an alignment that we see globally with organisations like the OECD.<\/p>\n<p><b>WIEHANN OLIVIER:<\/b> I think it\u2019s quite interesting in terms of what we look at from a regulatory environment.<\/p>\n<div class=\"visible-sm-block visible-xs-block m1010\">\n<div class=\"ad-container-wrapper\">\n<p>ADVERTISEMENT<\/p>\n<p>CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n<p>Globally, we\u2019ve seen regulations diverge in one of three ways:<\/p>\n<ol>\n<li>Instances where they imposed blanket bans; or<\/li>\n<li>Where they tried to regulate the asset class from the get-go \u2013 those didn\u2019t work out that well;<\/li>\n<li>And then of course [others] took the wait-and-see approach, and that effectively is where South Africa fell in.<\/li>\n<\/ol>\n<p>Now what they effectively did is they wanted to see how the asset class and its intermediaries, meaning those virtual asset service providers, integrate into the traditional financial services world before trying to regulate it and effectively design regulations around the asset class to fit into the traditional financial services sector.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><strong>Why do\u00a0we need regulations?<\/strong><\/p>\n<p>A lot of people would also argue, asking why we need regulations for something like a virtual asset service provider, or to try and govern crypto-assets or blockchain-based digital assets as a whole.<\/p>\n<blockquote>\n<p>The main reason for that is stakeholder protection.<\/p>\n<\/blockquote>\n<p>I think that\u2019s something that people need to familiarise themselves with. That is the idea behind regulations. It is to try and circumvent circumstances where there is a massive loss of funds or misappropriation of funds or those types of scenarios, just general stakeholder protection in general.<\/p>\n<p>Listen\/read: Two crypto court cases expose gaps in SA exchange controls<\/p>\n<p>But of course, as we bring in these new regulations we move into a more regulated environment.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>So effectively what happens is crypto-asset service providers and blockchain-based digital assets move into this regulated environment, where we want to see the asset class and these service providers operating to effectively adhere to these stakeholder protections.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>And of course, Sars and revenue-collection agencies are also following that same route as well.<\/p>\n<blockquote>\n<p>So as we see regulations in terms of stakeholder protection, there are regulations coming in to make sure that revenue-collection agencies also get their cut of the pie.<\/p>\n<\/blockquote>\n<p>Because, if you look at South Africa in general, I can\u2019t remember the stats but I think there\u2019s about six million cryptocurrency, let\u2019s call them trader\u2019s for a better word, or investors in the asset class.<\/p>\n<p>But if you look at the amount of taxpayers declaring their gains or losses in relation to crypto tax, it\u2019s actually not even close to that figure.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>That\u2019s not purely from a South African standpoint. We see that on a global basis as well. That\u2019s why we need regulations like this Crypto-Asset Reporting Framework across the world, not only in South Africa.<\/p>\n<p><b>JIMMY MOYAHA: <\/b>If you\u2019re just tuning in, we are in conversation with Wiehann Olivier of Forvis Mazars, taking a look at the latest in crypto regulations and crypto-taxation policies that will be coming into effect in South Africa from 2026.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Read: New worldwide reporting standards spell the end for crypto-tax evaders<\/p>\n<p>Wiehann, you touched on the fact that from a taxpayer perspective, in the past there\u2019s been a lot of missing conversations and missing declarations. Now we have a Voluntary Disclosure Programme from Sars\u2019s perspective. Take us through the implications of that and what it means for taxpayers who historically may have said: \u2018You know what? It\u2019s not my responsibility to have this conversation with the Receiver of Revenue.\u2019<\/p>\n<p><b>WIEHANN OLIVIER:<\/b> It\u2019s interesting if you think about it, because blockchain-based digital assets were designed to operate outside the constraints of the traditional financial services world and without the need for an intermediary.<\/p>\n<blockquote>\n<p>A lot of people think because it was designed to operate outside of the traditional financial services world, tax also doesn\u2019t apply to them.<\/p>\n<\/blockquote>\n<p>But interestingly, if we take a step back to the Crypto-Asset Reporting Framework, it now requires these platforms to effectively gather information on taxpayers.<\/p>\n<div class=\"visible-sm-block visible-xs-block m1010\">\n<div class=\"ad-container-wrapper\">\n<p>ADVERTISEMENT:<\/p>\n<p>CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n<p>So taxpayers would need to provide certain information to these virtual asset-service providers, the self-certification of tax residencies where you are tax-resident.<\/p>\n<p>Provide details such as your name, your address, your tax identification number and date of birth and a legal entity who is the ultimate beneficial owner.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>It also tracks crypto-to-crypto transactions, crypto-to-fiat transactions, and when you\u2019re sending and receiving cryptocurrency to unhosted or self-custody wallets as well. It tracks a helluva lot of information from their perspective.<\/p>\n<p>I think those people who haven\u2019t been declaring their taxes up to this point, where they have had gains in terms of cryptocurrency, are under real threat here.<\/p>\n<p>Because if Sars gets a whiff of the fact that you might have undeclared your taxes or omitted including certain amounts in relation to cryptocurrencies \u2013 any income or asset class for that matter \u2013 in your tax return, they can go back as far as they deem fit.<b><span class=\"Apple-converted-space\">\u00a0<\/span><\/b><\/p>\n<blockquote>\n<p>A lot of people believe it\u2019s only the five-year rule, [but] as soon as Sars has an indication that there\u2019s been tax evasion, they can go back as far as they want.<\/p>\n<\/blockquote>\n<p>Let me frame it like this. The question is, how do taxpayers then regularise their affairs? That is exactly where the [Sars]\u00a0Voluntary Disclosure Programme [VDP] comes in.<\/p>\n<p>Effectively the VDP or Voluntary Disclosure Programme is a process where you engage with Sars and enter into a legal binding contract with Sars and say: \u2018Cards on the table, I know I have omitted declaring this income or that income \u2013 or whatever the case may be.\u2019 We also see that happening a lot from a cryptocurrency perspective.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<blockquote>\n<p>The real thing to understand here is as soon as Sars starts an investigation into your tax affairs, because they\u2019ve got an idea that there\u2019s an element of tax evasion applicable, you automatically lose the opportunity to enter into that VDP.<\/p>\n<\/blockquote>\n<p>That\u2019s why it\u2019s important for taxpayers to understand this. The VDP is there for them to utilise before the investigation starts. If they enter into a VDP process now with Sars, enter into that legal binding agreement, effectively Sars would waive any penalties for under-declaration of income.<\/p>\n<p>Listen\/read:<br \/>Sars takes aim at crypto tax defaulters<br \/>Sars launches dedicated crypto tax unit<\/p>\n<p>Of course, the interest would still apply, but at least you waive those penalties that can reach up to a maximum of 200% of your taxable income. That\u2019s where we\u2019ve seen a lot of people regularising their tax affairs where they had omitted declaring gains from the past in relation to cryptocurrencies.<\/p>\n<p><b>JIMMY MOYAHA: <\/b>Wiehann, let\u2019s look at the offshore markets. We live in a digital age where people are able to engage with crypto-asset service providers that might not be based in South Africa; that creates a bit of a compliance headache for the South African regulators but also for these service providers. Given that we are now dealing with a framework that is a <i>global<\/i> framework, how do we anticipate that this will affect these offshore service providers?<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>If, for example, I happen to be trading with an offshore exchange, does that then impact my affairs and my conversations any differently from dealing with a local exchange?<\/p>\n<p><b>WIEHANN OLIVIER:<\/b> That\u2019s a very valid question because Sars has authority over local crypto-asset service providers.<\/p>\n<p>So Sars can request information from local crypto-asset service providers on a whim. And of course, it\u2019s very manual. It\u2019s not automatic. Not everything is in the digital format, but they can request it. And then these crypto-asset service providers need to adhere to the request from Sars.<\/p>\n<p>Listen: New Sars unit targets crypto non-compliance<\/p>\n<p>But if they can look at your transactions, they can see that you sent, let\u2019s say, Bitcoin to Kraken, for example, then they have an idea that you have an offshore cryptocurrency platform as well, or let\u2019s say a portfolio abroad, but they can\u2019t subpoena or request that information from that foreign cryptocurrency exchange as it currently stands.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<blockquote>\n<p>That\u2019s where the issue currently lies, because it\u2019s almost a black hole.<\/p>\n<div class=\"visible-sm-block visible-xs-block m1010\">\n<div class=\"ad-container-wrapper\">\n<p>ADVERTISEMENT:<\/p>\n<p>CONTINUE READING BELOW<\/p>\n<\/p><\/div>\n<\/div>\n<\/blockquote>\n<p>So now revenue-collection agencies such as Sars are dependent on the information being provided by the taxpayer, and it raises the question of whether the information being provided by the taxpayer is in fact valid, accurate and complete.<\/p>\n<p>But, having said that, it\u2019s also important for taxpayers to understand that there are analytical tools available there to utilise on blockchain technology. And blockchain is a beautiful thing in the sense that every transaction recorded on the blockchain is transparent. Anyone can view the transaction and it\u2019s immutable.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>So these are analytical tools that you can utilise to identify possible scenarios where individuals are not declaring their taxes and individuals are not declaring their holdings of blockchain-based digital assets in various other jurisdictions as well.<\/p>\n<blockquote>\n<p>So those loopholes will slowly but surely start to close with multiple regulations coming in.<\/p>\n<\/blockquote>\n<p>Such as the Crypto-Asset Reporting Framework, but also collection agencies such as Sars having these tools in their tool set to identify these omissions as well.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Read: Loophole blocked: Sarb appeals ruling on crypto not being subject to exchange controls<\/p>\n<p>This is an area from which we see a lot of leakage, not only from a tax point of view, but also from an exchange-control point of view, which still remains, I can say, the elephant in the room. Not a lot of people are talking about exchange-control regulations, specifically of the most recent court case between Standard Bank and the South African Reserve Bank in relation to digital assets as well.<\/p>\n<p><b>JIMMY MOTAHA: <\/b>Wiehann, let\u2019s wrap up the conversation by looking at whether the Crypto-Asset Reporting Framework covers solely cryptocurrencies, or does it cover other types of digital assets?<\/p>\n<p>We went through a phase where people were involved in NFTs, non-fungible tokens. People are still involved in things like meme coins, stablecoins. We know that we have a general definition for digital assets in South Africa that we discussed earlier in this conversation. But when we look at this Crypto-Asset Reporting Framework, what does it capture there from a taxation perspective?<\/p>\n<p><b>WIEHANN OLIVIER:<\/b> Interestingly enough, it covers basically any blockchain-based digital asset that\u2019s being transacted by a crypto-asset service provider.<\/p>\n<p>That means it includes your unbacked cryptocurrencies like your Bitcoin, Ethereum.<\/p>\n<blockquote>\n<p>It includes your meme coins. It could potentially include things like non-fungible tokens, although those aren\u2019t being traded as actively as we saw two or three years ago.<\/p>\n<\/blockquote>\n<p>It also includes your stablecoins, as I mentioned, and then any tokenised real-world asset because of course on local exchanges as well you can purchase tokenised shares of foreign listed companies.<\/p>\n<p>Listen\/read: Will stablecoins one day rule the world?<\/p>\n<p>It includes basically every single type of asset that can be housed on a blockchain; of course it includes those crypto-to-crypto transactions and of course where you have engagement with fiat currency being South African rand or whatever the case may be.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>So there is a lot of information that is being disclosed to revenue-collection agencies with the new Crypto-Asset Reporting Framework.<\/p>\n<p><b>JIMMY MOYAHA: <\/b>Crypto assets and digital assets are no longer a mythical thing. They are something that will clearly be around for a long time to come and they are being officially recognised across various spaces, including the taxation thereof. This is why it\u2019s important to have conversations with your relevant tax authorities and your financial advisors.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<blockquote>\n<p>This wasn\u2019t financial advice as a conversation, but the more you know around the taxation of crypto the better if you are trading or investing in it.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<\/blockquote>\n<p>We\u2019ll leave the conversation on that note. Thanks so much to the head of fintech and digital assets at Forvis Mazars, Wiehann Olivier, for joining us to take a look at the new Crypto-Asset Reporting Framework and its implications.<\/p>\n<p><em>Follow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n<p><script data-cfasync=\"false\">\n            !function(f,b,e,v,n,t,s)\n            {if(f.fbq)return;n=f.fbq=function(){n.callMethod?\n                n.callMethod.apply(n,arguments):n.queue.push(arguments)};\n                if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\n                n.queue=[];t=b.createElement(e);t.async=!0;\n                t.src=v;s=b.getElementsByTagName(e)[0];\n                s.parentNode.insertBefore(t,s)}(window, document,'script',\n                'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\n            fbq('init', '779812924991616');\n            fbq('track', 'PageView');\n        <\/script>#Sars #board #global #crypto #reporting #initiative<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You can also listen to this po&hellip; <\/p>\n","protected":false},"author":1,"featured_media":9636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[2517,1227,326,144,1161,2264],"_links":{"self":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/9635"}],"collection":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9635"}],"version-history":[{"count":0,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/posts\/9635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=\/wp\/v2\/media\/9636"}],"wp:attachment":[{"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microvibenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}