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SARS Requests South Africa Exchanges for Client Data

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SARS Requests South Africa Exchanges for Client Data

AltCoinTrader, VALR, and Luno have confirmed that the South African Revenue Service (SARS) has requested client data. 

According to the crypto exchanges, the request is targeting certain customers. This request according to SARS is by Section 46 of the Tax Administration Act.

Read Also: Standard Chartered Plc has said it is set to launch a cryptocurrency exchange and brokerage service.

The revenue body is requesting this data “as part of a tax risk assessment exercise on residents involved in the mining, speculation and/or investment in crypto assets.” SARS claims that the data is needed to take regulatory actions in the future.

“We have engaged with SARS to express our concern for the privacy of the data of our customers. We have also sought legal advice on our obligation to comply with SARS’ request,” said VALR CEO Farzam Ehsani.

Tax experts had advised crypto exchange operators to approach SARS rather than wait for the revenue collector to find them. These crypto-focused operators in South Africa have a tax obligation to declare their crypto-related income annually.

The three exchanges have positively affirmed the request from the regulator.

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