The South African Revenue Service published draft guidance on June 30 setting out how existing tax rules apply to cryptocurrency transactions, stressing that it does not introduce a new tax. The document treats crypto as an asset rather than legal tender or foreign currency, meaning transactions fall under the 1962 Income Tax Act and the capital gains tax framework. SARS said disposals such as sales, crypto-to-crypto swaps, and payments for goods or services are generally subject to income tax or capital gains tax, while holdings on offshore exchanges and in offshore wallets must be declared as part of worldwide income. The revenue authority is inviting public comment through August 31 before issuing a final version. It also said reporting obligations for businesses will be strengthened under the Crypto-Asset Reporting Framework from March 2026.