SARS and CARF signal the end of “ghost trading” for South African crypto holders in 2025

South Africa’s crypto party lights got a lot brighter this year. CASP licensing put local platforms in fancy shoes, and KYC is no longer optional homework. If you missed those shifts, start with our CASP cheat sheet, then refresh your KYC basics before you move another rand into Bitcoin.

SARS followed up with something heavier than a press release. On September 15, draft regulations to implement the OECD’s Crypto-Asset Reporting Framework opened for public comment. CARF sets the template for the automatic sharing of crypto transaction data between tax authorities, meaning that “off-platform” or offshore trades will no longer remain in the dark.

The draft targets a March 2026 go-live in South Africa, yet 2025 is the year the excuses ran out.

CARF removes the hiding places: your pancakes, your cross-chain swaps, all of it. The dark zone is closing in.

What CARF is, in plain terms

CARF is the global standard that requires exchanges and other crypto service providers to collect, verify, and report information about their users, including their identity, location for tax purposes, and activities on their platform.

Those data points are then transferred to the tax office where you reside, under the same “automatic exchange of information” framework that already applies to bank accounts under the CRS.

Why this ends “ghost trading”

“Ghost trading” thrived on gaps. People used offshore exchanges, P2P markets, or moved coins through multiple apps, then assumed SARS could not connect the dots.

CARF narrows the hiding places because Reporting Crypto-Asset Service Providers must identify users, run due diligence, and submit transaction totals covering exchanges, retail payments, and even transfers to self-hosted wallets in certain cases. South Africa’s draft mirrors that architecture. Penalties for non-compliance are part of the package in many jurisdictions, which increases the cost of looking the other way.

What changes for South Africans with coins?

• Your exchange will do more verification, not less. Expect clearer tax-residency checks and refreshed self-certifications;
• More data will be automatically transmitted to SARS. The headline is transparency across borders, not new tax types. Normal income tax and CGT rules already apply to crypto; CARF enhances enforcement;
• Timelines matter. Draft regs were tabled in September. The Treasury flagged an effective date of 1 March 2026, aligning with broader CARF exchange timelines globally. Translation for taxpayers: 2025 is your clean-up year.

What to do before the next filing season

1. Fix your records. Pull your trade history CSVs from every app you have ever used. Keep ZAR values at the time of each trade, not only coin amounts. SARS expects full disclosure of crypto income and gains;
2. Match wallets to identities. If you have been shuffling between self-custody and exchanges, keep a simple map of which address belongs to you and which platform it is associated with. This makes ITR12 reporting less painful;
3. Stop using unlicensed shops. If a platform is not appropriately licensed or registered where required, it will not protect you from reporting, and it will add unnecessary risk;
4. Budget for tax. CGT on disposals still applies. If you have been “earning” through staking, airdrops, or rewards, those may be revenue events. Read SARS’s plain-English guides even if you plan to hire a pro.

What will still not be reported automatically?

CARF is not a mind-reader. Self-custody transfers between your own wallets, which never touch a reporting intermediary, will not magically appear in a spreadsheet. Once those coins reach a reporting provider, the trail turns visible, which is why record-keeping at home is non-negotiable.

Transparency isn’t coming; it’s already here. The smartest traders are those who prepare for it.