Only 17,000 Crypto Holdings Revealed in South Africa – Massive Undeclared Wealth Threatens Tax Authorities

A stark discrepancy has emerged in South Africa’s cryptocurrency landscape: only 17,000 out of an estimated six million individuals holding digital assets have officially declared their holdings to the South African Revenue Service (SARS). This massive gap highlights the scale of undeclared crypto wealth and creates a considerable challenge for tax authorities trying to track digital currency ownership. The lack of disclosure underscores the potential for significant tax evasion, prompting SARS to intensify its enforcement efforts.