ЮАР нацелилась на борьбу с налогами в криптоиндустрии, в то время как Ripple вводит стабильные монеты Translation: South Africa Aims to Tackle Taxation in Crypto Industry as Ripple Introduces Stablecoins

As the South African authorities prepare to tighten regulations on cryptocurrency participants, major companies like Ripple are launching their stablecoins in the African market.

In this context, experts argue that the region requires stable blockchain-based financial instruments rather than speculative assets to serve the hundreds of millions without access to banking services.

The South African Revenue Service (SARS) intensifies its efforts against tax evasion in the digital asset sector, according to a report by a local publication. The agency has doubled its staff in the relevant department to recover billions of rands from investors.

It is reported that the tax agency will utilize artificial intelligence to streamline its administrative decision-making processes.

As per Reuters, the budget deficit for South Africa in the fiscal year 2025/26 is projected to reach 4.7% of GDP. To address this gap, the government is asking SARS to expand its tax base. The agency aims to generate an additional $2.8 billion this year, with the cryptocurrency sector being one of the sources of revenue for SARS.

However, according to Karel de Jager, CEO of blockchain company Silver Sixpence, out of 6 million digital asset owners in South Africa, only 17,000 (0.28%) have declared their assets.

He believes this discrepancy arises from a misconception within the industry regarding its legal status.

«This is a significant misunderstanding, and SARS is certainly monitoring the crypto space. Many people may receive letters in the near future,» he stated.

De Jager pointed out that SARS has significantly improved its tax guidance over the past three years, although it had previously faced criticism for its absence. Nonetheless, he acknowledged that taxation of cryptocurrencies remains complex.

Ripple has formed partnerships with payment services Chipper Cash, VALR, and Yellow Card to promote its RLUSD stablecoin in Africa.

«We are seeing demand for the ‘stablecoin’ from our clients and other key institutional players worldwide, and we are excited to initiate its distribution in Africa through local partners,» said Ripple’s Senior Vice President Jack McDonald.

Representatives from Chipper Cash, VALR, and Yellow Card highlighted the importance of offering clients a regulated and reliable digital dollar for cross-border payments and treasury management.

Ripple noted that RLUSD is suitable for various use cases, including instant cross-border settlements, liquidity access for remittances, integration with DeFi protocols, and collateral for trading tokenized assets.

The stablecoin is also utilized in pilot projects by the humanitarian organization Mercy Corps Ventures in Kenya. In one of these projects, RLUSD serves as drought insurance for farmers, while in another, it is used for disbursements during extreme rainfall.

Gibril Mohamed Ahmed, founder of the blockchain bank Flamingo, believes that Africa does not need speculative cryptocurrencies. He argues that these do not address the needs of 500 million people across the continent lacking access to banking services. He advocates for the provision of blockchain-based financial tools rather than «hype and show business.»

Ahmed described cryptocurrencies as «volatile, risky, and complex» instruments. He doubts they will assist inhabitants in obtaining identification, access to loans, or the ability to save.

«Africa needs stability, not roller coasters,» he remarked.

Ahmed pointed out that traditional banks also struggle to effectively serve the population. He referenced a McKinsey report indicating that the costs of opening branches and maintaining infrastructure in rural areas make such operations financially unviable.

He believes that crypto platforms like Binance were not designed for Africa. They require high digital literacy levels and constant internet access, which only 43% of the continent’s population possesses. He also highlighted regulatory challenges.

Ahmed sees a solution in blockchain-based digital banking. According to him, such systems can provide identity verification, secure payments, and loans at lower costs than traditional banks. Unlike speculative tokens, blockchain banking offers practical financial tools operating within existing legal frameworks.

In conclusion, Ahmed emphasized that the future of Africa’s financial system lies in decentralized and accessible solutions.

It’s worth noting that in July, the authorities in Algeria passed a law that criminalizes any form of cryptocurrency use, exchange, or mining.