South African tax expert: Crypto traders who evade taxes face jail threat

On August 13, South African tax expert Thomas Lobban warned that if the South African Revenue Service (SARS) decided to charge cryptocurrency traders with tax crimes, they could now face jail time.

He added that the threat of jail time also applies to South African crypto traders who use offshore trading platforms to trade or store their crypto assets.

Lobban, legal manager at local tax consulting firm Tax Consulting South Africa, admitted that many cryptocurrency traders do not understand the extent of their tax obligations. The expert puts part of the blame on the South African Revenue Service (SARS), saying that SARS has not done enough to guide cryptocurrency holders. (News.Bitcoin)