South Africa introduces new regulations and technologies to track crypto assets and offshore accounts.

According to ME News, on March 2nd (UTC+8), the South African Revenue Department (SAR) implemented the Crypto Asset Reporting Framework (CARF) and expanded the Automatic Exchange of Information (AEOI) rules from March 1st. This requires South African crypto asset servicers to report detailed transaction data according to international standards and to automatically exchange account information with over 120 jurisdictions. The regulator will use pattern recognition and data matching to compare tax returns with on-chain and overseas transaction records, shifting from passive reliance on voluntary disclosure to proactive, data-driven audits. Tax experts say that the "hidden space" for evading tax supervision using multiple wallets, overseas exchanges, and offshore structures has essentially disappeared. Taxpayers holding undeclared digital assets or offshore wealth face higher targeted audit risks and are advised to proactively comply through Voluntary Disclosure Projects (VDPs). (Source: ME)