South African Crypto Exchanges Confirm Receiving Request for Client Data From Tax Collection Body

South African Crypto Exchanges Confirm Receiving Request for Client Data From Tax Collection Body


Three leading cryptocurrency exchanges from South Africa recently confirmed receiving a request for client data from the country’s revenue collector. In a joint statement, the exchanges, (namely Altcointrader, Luno, and Valr) said this request, which targets a “selection of customers”, has been made “in terms of section 46 of the (South African) Tax Administration Act.”

Data Needed for Future Action

Explaining the tax collector’s move to access crypto traders’ personal information, the statement says the South African Revenue Service (SARS) wants this information “as part of a tax risk assessment exercise on residents involved in “the mining, speculation and/or investment in crypto-assets.” For its part, the revenue collector says the collected data “will inform the need for future action with respect to crypto-assets.”

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However, according to a report, one of the approached exchanges, Valr, has since expressed its concerns with the tax collector. Its co-founder and CEO, Farzam Ehsani, explained:

We are also committed to being compliant with

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