South Africa has activated the Crypto-Asset Reporting Framework (CARF), bringing crypto holdings and offshore accounts under global tax transparency rules. The move signals tighter monitoring of cross-border crypto flows, as authorities prepare for automatic financial data sharing between participating countries.

South Africa Activates CARF to Track Crypto Holdings

In a recent post, the South African Revenue Service said it will start using the Crypto-Asset Reporting Framework (CARF). This is a global system made to improve tax rules for digital assets. 

Under this rule, crypto exchanges and financial companies must share details about users’ holdings and cross-border transactions with tax officials.

Authorities introduced CARF to stop…