The South African Revenue Service (SARS) has released version 0.1.5 of its Crypto-Asset Reporting Framework (CARF) External Business Requirement Specification (BRS), a technical document outlining how crypto service providers must report user and transaction data for tax purposes.

 

While the document is highly technical, its impact on South Africa’s crypto sector is significant.

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CARF Requirements

CARF is a global tax transparency framework developed by the Organisation for Economic Co-operation and Development (OECD). It is designed to ensure tax authorities can track crypto transactions across borders, similar to how banks report financial account information under existing global standards.

South Africa is aligning itself with this international framework.

Under the new specification, Reporting Crypto-Asset Service Providers (RCASPs), including exchanges and certain crypto intermediaries, will be required to:

  • Collect detailed customer identification information

  • Record crypto transactions, including transfers and exchanges

  • Submit structured data reports to SARS using prescribed XML formats

  • Apply due diligence procedures to verify user information

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The document primarily serves as a technical implementation guide, outlining how reporting systems must be structured and how data must be formatted before submission.

Although the BRS focuses on technical requirements, implementation timelines indicate:

  • Domestic crypto reporting is expected to begin in September 2026

  • Automatic international information exchange is expected to start by September 2027

This places South Africa among early adopters of the OECD’s crypto transparency framework.

For crypto businesses, this marks a shift from light-touch oversight to structured tax reporting obligations. Companies operating in South Africa will need to upgrade compliance systems, enhance customer data collection processes, and ensure technical readiness ahead of implementation.

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For users, it signals that crypto transactions will increasingly fall within formal tax reporting structures — reinforcing SARS’ position that crypto assets are not outside the tax net.

In short, the era of informal crypto reporting in South Africa is closing, and a globally coordinated compliance framework is taking its place.

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