Luno, a cryptocurrency exchange based in Cape Town, has advised crypto-asset traders not to be fearful of an audit by the South African Revenue Service, encouraging them to be transparent with the receiver of revenue.
This follows a report by Moneyweb on Thursday which said that crypto traders have started receiving notices from Sars requesting information about their crypto assets.
According to the report, Sars may request historical ownership records related to prior tax reporting periods, meaning that previously undeclared crypto assets may give rise to a tax liability.
