South African tax collectors demand personal data on crypto traders
The South African Revenue Service has requested exchange platform operators to provide personal information of users
The three major crypto exchanges of South Africa, Altcointrader, Valr and Luno, have confirmed rumours that they were requested by the South African Revenue Service (SARS) to provide user information.
This is part of a task risk assessment exercise on residents involved in crypto mining, speculation or investment in terms of section 46 of the South African Tax Administration Act.
According to Bitcoin News, Farzam Ehsani, who is the CEO and co-founder of Valr, has expressed concerns on consumer privacy.
We are also committed to being compliant with the laws and regulations that govern our business. We have engaged with SARS to express our concern for the privacy of the data of our customers and we have also sought legal advice on our obligation to comply with SARS’ request.
Nonetheless, all platform operators will comply, as the law demands. Additional services will be implemented to facilitate tax declarations. Customers will be able to download a transaction history to easily get any tax work done.
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