Developments in the crypto taxation environment are putting pressure on crypto asset owners to declare their transactions and to come clean on previously undeclared earnings.

The latest development is the release of the Draft Guide to the Taxation of Crypto Assets published by the South African Revenue Service. The deadline for public comment is the end of August.

Read: SARS draft guide sets out tax implications for crypto transactions

Nico Theron, founder of Unicus Tax Specialists, says the guide sets aside some common misconceptions about the taxation of crypto assets. One is that crypto transactions only trigger a tax liability when it is converted into fiat currency.

The guide provides specific examples of how transactions –…