South Africa implemented the OECD-led crypto asset reporting standard this month, joining scores of countries committed to requiring crypto service providers to report information about transactions to tax authorities.
The Crypto Asset Reporting Framework went live in South Africa on March 1, according to a release Friday.
- The data can be shared with other participating jurisdictions to support international tax compliance.
- Around 75 jurisdictions have committed to implementing CARF, according to a December tally by the Organization for Economic Cooperation and Development.
- Individual taxpayers don’t report their crypto assets or transactions under CARF and must continue declaring them through normal ...