SARS warns crypto traders: Declare profits or face penalties

SARS is ramping up efforts to track cryptocurrency traders, warning South Africans that undeclared crypto profits will no longer go unnoticed. With around 5.8 million SA citizens holding digital assets, SARS has launched a compliance initiative using third-party data and AI tools. The voluntary disclosure program offers a way for non-compliant taxpayers to avoid severe penalties, but those flagged for audits face fines of up to 200%.