How Will Crypto Regulation In South Africa Work Compared To Other Countries

Kakmakr

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https://www.businessinsider.co.za/cyril-ramaphosa-tumelo-blockchain-ai-conference-fyre-festival-2019-12 -- Now if I am correct, then this is your current President's son... right?

Well, I hope your president has some influence over your Finance Minister and that his son has shown him what the future of Money is. If he did and if he saw the bigger picture, then Crypto currencies will have a huge future in your country. (As long as he stays in power)

We saw what happened in the USA with Trump and Biden... and how one butthurt politician (Yellen) can influence the whole decision making process with her vengeance. (Remember "The Bitcoin guy" incident) Roll Eyes

kryptqnick

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From what the article mentions, the regulations seem reasonable. If a person earns cryptos as income, it makes sense that the income taxes apply. And I guess it's fair that if a person bought BTC at $10k and sold at $40k, a capital gains tax should be paid. And the regulation also takes trading into account with the income tax rather than the capital gains tax applying to it, which is useful. More interesting and important questions are about the specifics. Is the income tax fixed or progressive in South Africa, for instance? Is the income tax for earning cryptos the same as for earning fiat (in percentage)?

MrcMrc

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When it comes to regulations, every country with their unique regulations and that will work with their economy and the Central institutions, but in some country when you compare the mode and manner of regulations it differs, some are strict while others may be a little flexible and this determines the use and growth of crypto in such country.

avikz

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Quote from: 4king on February 09, 2021, 02:26:36 PM

Cryptocurrency is one of the fatest growing industries out there - with new coins and tokens meeting daily needs everyday!

With this being said, local governments and banks are not too fond of this idea - thus regulations have been put in place.

How will these regulations set in other countries affect crypto in South Africa? https://4king.com/how-will-crypto-regulation-in-south-africa-work-compared-to-other-countries/

Lol! The tax authority in SA is known as SARS! That's funny!

However, from the article I just read, the regulations make sense! They are not considering cryptocurrencies as properties or currency. Rather they are considering it as an asset. However, the FIFO method is somewhat difficult from accounting perspective. But with proper justification in place, I hope the confusions will be cleared. Overall the structure looks good.

The best part is that SA is at least regulating the crypto market rather than a blanket ban! That's a positive!

Lorence.xD

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Quote from: CarnagexD on February 09, 2021, 04:42:57 PM

Cryoto and a country would have to mert halfway in irder to coexist and be of use to their customers and people, South Africa, being one of the most progressive countries when it comes to cryptocurrency must know about this, so instead of a total ban, they figured it would be much more optimal if they were to impose regulations on if instead, which is a wise move and something that I see a lot of countries out there applying for themselves

The problem with that though is that the compromise will be difficult to accept for both the citizens that uses cryptocurrency and the regulator/government, I don't know about anything in African countries but I know that people are not that trusting of their government which means a compromise will be a difficult problem to tackle because no sides are not willing to bow down in this competition as long as they feel that they are not making an equal benefit, a compromise is difficult but a needed thing to do.

Kittygalore

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Quote from: LittleBitFunny on February 09, 2021, 03:58:09 PM

I don't know is there any correlation between the legalization of cryptocurrency and the legalization of same-sex-marriage or cannabis.
Overall the article you have written is really peaceful and it seems SA is a very crypto-friendly country, it is good that they take care of their crypto users, that's why they use the First In First Out approach, Miners are also getting some good facilities that they don't have to pay tax until selling their mined coin.

I would say that this is a favorable situation for cryptocurrency in South Africa, it is a good thing that Africa is getting into the cryptocurrency industry because there are a lot of developing country which means that they can go for the newest innovations without a hitch that it will be destroyed by fundamentalist principles, the only problem that I can see is that most African countries have a tribal disputes that are sometimes a cause for civil wars, like what is happening in South Sudan. I think that there is no correlation but we can use it as an analogy.

doomloop

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Quote from: 4king on February 09, 2021, 02:26:36 PM

Cryptocurrency is one of the fatest growing industries out there - with new coins and tokens meeting daily needs everyday!

With this being said, local governments and banks are not too fond of this idea - thus regulations have been put in place.

How will these regulations set in other countries affect crypto in South Africa? https://4king.com/how-will-crypto-regulation-in-south-africa-work-compared-to-other-countries/

I don’t live in that country , but I’d say it depends on how well their government understands cryptocurrency, then they will be able to regulate. But, don’t forget that regulation will only be on exchanges that are centralized. People tend to make use of decentralized exchanges in places where regulation is tough or cryptocurrency is banned. That way they wouldn’t be traced or suspected. But any government can regulate the exchanges that are centralized, because those ones are registered under them, so it’s easy for them to control.

TimeTeller

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Quote from: nelson4lov on February 09, 2021, 03:01:15 PM

Since South Africa is one of the forward-thinking countries, I don't think crypto regulations over there would be that strict compared to other countries but I also don't see them fully embracing Bitcoin and other cryptocurrencies, at least not anytime soon. Nigeria recently placed a ban on the use of cryptocurrencies in the country. While I don't see South Africa following suit, it's worth noting it might take time for them to come up with regulations that would be favorite to crypto investors in the country. At the end of the day, nothing goes for nothing with these governments unless there's something in store for them.

Governments are finding it hard to formulate their regulations over cryptocurrencies because they don't have the grasp how it really works.
So the first thing that they should do, is educate themselves all about cryptocurrencies.
I don't think South Africa will follow what Nigeria has done.
With the news that Tesla has billion USD in bitcoin assets, I believe that's a good boost for others to see crypto in a different view.
It will take time for them to put their regulations just like other countries, but I think they are more open when it comes to crypto.

taufik123

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Africa is very supportive of the use of cryptocurrency because the use of cryptocurrency will provide a good economic revolution for Africa with the support of digital technology today. Many small and individual entrepreneurs in Africa currently use digital currencies to transact.
the very use of crypto in Africa is very appropriate because the local currency itself is not reliable due to hyperinflation.
Youth in Africa also have the potential to develop cryptocurrencies because they have a passion to become entrepreneurs and a strong desire to be more advanced. cryptocurrency is a way out that will make Africa better, this is a potential that must continue to be developed.

CarnagexD

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Cryoto and a country would have to mert halfway in irder to coexist and be of use to their customers and people, South Africa, being one of the most progressive countries when it comes to cryptocurrency must know about this, so instead of a total ban, they figured it would be much more optimal if they were to impose regulations on if instead, which is a wise move and something that I see a lot of countries out there applying for themselves

LittleBitFunny

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I don't know is there any correlation between the legalization of cryptocurrency and the legalization of same-sex-marriage or cannabis.
Overall the article you have written is really peaceful and it seems SA is a very crypto-friendly country, it is good that they take care of their crypto users, that's why they use the First In First Out approach, Miners are also getting some good facilities that they don't have to pay tax until selling their mined coin.

nelson4lov

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Since South Africa is one of the forward-thinking countries, I don't think crypto regulations over there would be that strict compared to other countries but I also don't see them fully embracing Bitcoin and other cryptocurrencies, at least not anytime soon. Nigeria recently placed a ban on the use of cryptocurrencies in the country. While I don't see South Africa following suit, it's worth noting it might take time for them to come up with regulations that would be favorite to crypto investors in the country. At the end of the day, nothing goes for nothing with these governments unless there's something in store for them.

Oilacris

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Quote from: 4king on February 09, 2021, 02:26:36 PM

Cryptocurrency is one of the fatest growing industries out there - with new coins and tokens meeting daily needs everyday!

With this being said, local governments and banks are not too fond of this idea - thus regulations have been put in place.

How will these regulations set in other countries affect crypto in South Africa? https://4king.com/how-will-crypto-regulation-in-south-africa-work-compared-to-other-countries/

When we do talk about regulation then this will vary on countries government on how they do handle out or take measures about crypto market.

Some might see it as an advantage and majority of them will really be seeing it as a threat since it is totally opposing centralization on where government do really focus the most.

They dont like something that would really be out of their grasp thats why its not surprising that they arent really that much having of positive vibe nor views towards
cryptocurrency from time to time.

cr1776

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Just regarding the title

Quote from: 4king on February 09, 2021, 02:26:36 PM

How Will Crypto Regulation In South Africa Work Compared To Other Countries

In the long term, I think it will work just as well in SA as compared to other countries, that is to say, very poorly. People want to control what other people do with their lives and the products of their lives and that rarely works out well although they continue to attempt to do it.

4king

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Cryptocurrency is one of the fatest growing industries out there - with new coins and tokens meeting daily needs everyday!

With this being said, local governments and banks are not too fond of this idea - thus regulations have been put in place.

How will these regulations set in other countries affect crypto in South Africa? https://4king.com/how-will-crypto-regulation-in-south-africa-work-compared-to-other-countries/

Topic: How Will Crypto Regulation In South Africa Work Compared To Other Countries (Read 167 times)