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Director Bridget King joined eNCA to discuss how South African lawmakers are dealing with crypto assets. She mentions that there will not be an outright ban on the use of cryptocurrency but rather a move to register the crypto asset service providers.
On 6 April 2018, the South African Revenue Service (SARS) announced that it will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income.
The US Securities and Exchange Commission (“SEC”) has brought several cases against virtual currency issuers and public companies that have touted their involvement with blockchain technology.
On February 7, the New York Department of Financial Services (NYDFS) issued a guidance document reminding virtual currency entities (VC entities) licensed by the state or chartered as limited purpose trust companies that they are required to have policies and procedures in place to guard against fraud, and that they should be particularly vigilant concerning efforts at market manipulation.