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Cambodia vs South Africa

Crypto regulation comparison

← Back to map | Cambodia | South Africa
Cambodia

Cambodia

South Africa

South Africa

Restricted
Legal

Cambodia has a restrictive stance on cryptocurrency. The National Bank of Cambodia prohibits banks and financial institutions from dealing in crypto, and unlicensed crypto businesses are illegal. However, the government has shown interest in blockchain technology and launched Bakong, a CBDC-like payment system.

South Africa has embraced crypto regulation. In 2022, the FSCA declared crypto assets as financial products under the Financial Advisory and Intermediary Services (FAIS) Act, requiring crypto service providers to obtain FSCA licenses. SARS taxes crypto gains under capital gains tax (up to 18% effective rate for individuals) or income tax depending on trading frequency. South Africa is the largest crypto market in Africa.

Tax Type Unclear
Tax Type Capital gains
Tax Rate N/A
Tax Rate 18% (effective max ~18%)
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining No No
Regulator National Bank of Cambodia (NBC), SERC
Regulator FSCA (Financial Sector Conduct Authority), SARB (South African Reserve Bank)
Stablecoin Rules Bakong (CBDC) promoted as alternative; private stablecoins not specifically regulated
Stablecoin Rules Crypto assets declared financial products under FAIS; stablecoins included
Key Points
  • NBC issued a 2018 directive prohibiting banks from dealing in cryptocurrency
  • Unlicensed crypto exchanges and trading platforms are banned
  • Bakong digital payment system launched in 2020 using blockchain technology
  • SERC (Securities and Exchange Regulator) has discussed regulating crypto as digital assets
  • Despite restrictions, peer-to-peer crypto usage remains significant
Key Points
  • Crypto declared a financial product under FAIS Act (2022); service providers must be FSCA-licensed
  • FSCA began licensing crypto asset service providers (CASPs) in 2023
  • Capital gains taxed at effective rate up to 18% (45% max marginal rate × 40% inclusion)
  • Frequent trading may be classified as income and taxed at marginal rates (up to 45%)
  • SARB regulates cross-border crypto transactions under exchange control regulations
Sources
Sources