CANBERRA: Currencies with Bitcoin leading the way. Supported by evidence of the growing presence of blockchain platforms and technology that granted digital currencies access to a whole host of new services, from university scholarships to housing share services, traders continued to invest in virtual currencies, undeterred by frequent ups and downs. They often explained away losses as simply being the result of growing pains. However, as investors who “play” the stock market often comment, beyond the excitement of watching a series of wise and strategic decisions pay off, the downside is the restrictions that come with regulations, though of course most of them are designed to protect investors, not harm them. As cryptocurrency enters a new era of legitimacy this year, it will inevitably be subject to regulations, though not in the same form, given the anonymous nature of its transactions. Everyone is watching developments related to bitcoin much more closely. South Africa and Australia are examples of two countries that have adopted a flexible, yet proactive approach towards virtual currency. The Australian Taxation Office (ATO), referring to bitcoin and other digital currencies as “as a form of property”, said in an official statement: “Any financial gains made from the selling of Bitcoin will generally be subject to capital gains tax (CGT) and must be reported to the Australian Tax Office,” adding that it is “here to help those that are genuinely meet their tax obligations.” It backed its commitment to rooting out lack of transparency by promising to target any examples of “unexplained wealth and conspicuous consumption that may arise through profits derived from cryptocurrency investment.” In South Africa, the South Africa Revenue Services (SARS), though not as advanced in terms of the setup in Australia, is moving in the same direction, also providing education to the public on the tax responsibilities that come with trading cryptocurrencies.
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