South African crypto traders have reportedly started receiving notices from the South African Revenue Service (SARS) indicating that their tax affairs are under review. The revenue collector is gathering information from various crypto-asset exchanges to assess compliance. Traders who fail to provide requested information could face criminal charges under the Tax Administration Act. SARS may […]
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Zksync’s ZK Token Debuts With $932M Valuation, South Korean Market Shows Strong Interest
Zksync’s token, known as ZK, is currently trading at a value 19% below its initial price of .321 during early morning sessions. The new cryptocurrency’s market valuation stands at 2.14 million, with each ZK token trading at .2575. This positions ZK among the top 100 largest market capitalizations, ranking at 90th. Notable exchanges listing ZK […]
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South African Retailer Accepting BTC Sees Significant Increase in Monthly Crypto Transactions
The South African retail giant, Pick n Pay, has reported a significant increase in the value of monthly cryptocurrency payments, rising from approximately ,350 to ,000. The regions of Gauteng, KwaZulu-Natal, and the Western Cape in South Africa account for the lion’s share of Pick n Pay’s crypto transactions. Retailer Sees More Crypto Transactions in […]
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South Korean Regulator Excludes Certain NFTs From Crypto Regulations
South Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July 19, 2024. FSC Issues New NFT Classification Guidelines On Monday, South Korea’s top […]
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Bitcoin Premium in South Korea Increases, Reflecting Strong Local Demand
After falling below ,000, bitcoin has stabilized above the ,000 mark. In contrast, South Korea has seen a notable rise in the premium for bitcoin. South Korea’s Bitcoin Premium Rebounds After Hitting Recent Low Recently, bitcoin (BTC) saw its infamous premium in South Korea drop below 1% after nearly hitting 10% in mid-April. Current data […]
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South African Police Nab Alleged Mastermind of Metaverse Ponzi Scheme
Neil Leon De Waal, a key figure in the GS Partners metaverse fraud case, was reportedly arrested by South African law enforcement in late May. He was subsequently released on bail on June 3. Authorities began investigating De Waal following a complaint from one of his victims. The complainant, who lives in Benoni, had to […]
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Claims Against Collapsed South African Bitcoin Investment Firm Rise to $84.5 Million
Claims against Mirror Trading International (MTI) have reached over .5 million (ZAR1.6 billion), with more than 8,000 proven creditors as of the end of April. The MTI estate still holds around .7 million in its accounts. Legal action is underway in multiple countries to recover withdrawals made by those who profited from the scheme. MTI […]
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Liquidators of South African BTC Scam Allocate Nearly 40% of Recovered Funds to Legal Fees and Taxes
Out of the approximately million (ZAR1.1 billion) that was recovered to pay back victims of the collapsed bitcoin investment platform Mirror Trading International (MTI), only .3 million remains. Court documents reportedly state that liquidators have used the recovered funds to pay an outstanding tax liability of .2 million and legal fees of .78 million. […]
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South Korean Universities Face Banking Hurdles in Converting Crypto Donations to Cash
South Korea’s regulations prohibiting corporations from opening virtual asset exchange accounts are making it impossible for local universities to liquidate their large cryptocurrency donations. Financial authorities cite money laundering concerns as the reason for maintaining the ban. Education Ministry and Financial Intelligence Unit Favor Maintaining Ban South Korean universities are reportedly unable to convert cryptocurrency […]
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South African Central Bank Opts Against Publishing CBDC Study Findings
The South African Reserve Bank has reportedly decided not to unveil the findings of the initial phase of its central bank digital currency feasibility study. Instead, the central bank said it is currently focused on the second phase of the study and will release a report once it is satisfied with the progress made in […]
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