[South African tax authorities warn cryptocurrency holders: Declare assets or face audits] Mars Finance News, the South African Revenue Service (SARS) has issued a warning to cryptocurrency holders and traders, requiring them to declare crypto assets on their tax returns.

According to reports, more than 5.8 million South Africans hold digital currencies, and the South African National Revenue Service is strengthening compliance in this area.

To ensure transparency, the South African Revenue Service works with the Financial Sector Conduct Authority and obtains information from local exchanges.

It was previously reported that the South African Revenue Service has begun issuing notices to cryptocurrency traders, requesting information about digital assets, including historical records, which may result in tax obligations for previously undeclared assets.