The South African Revenue Service may use AI to track non-compliant cryptocurrency traders

ChainCatcher news, according to Bitcoin.com, the South African government is tightening regulations on cryptocurrency trading. The tax authority (SARS) is issuing tax notices and clarifying relevant regulations, potentially using artificial intelligence (AI) to identify non-compliant traders.

The South African Reserve Bank (SARB) has clarified its position on the purchase of crypto assets. According to SARB regulations, individuals can purchase crypto assets using a single discretionary allowance or foreign exchange capital allowance, but companies cannot invest in crypto assets through the foreign direct investment incentive program. SARB also stated that cross-border or foreign exchange transfers solely for the purpose of purchasing crypto assets are not permitted.