In recent years we have seen an exponential growth in the variety of Cryptocurrencies available throughout the world, and the resulting rapid adoption of these as alternative investment instruments
There have been many success stories where individuals have seen enormous returns from the Cryptocurrency phenomena
On the other hand however, been also been many horror stories with huge amounts being lost by individuals in a matter of hours, often leaving a trail of destruction for the individual to deal with
The bottom line is that:
- For those who have made great returns, SARS are starting to look at ensuring they don’t lose out on their share (i.e. tax !)
- For those who have lost huge amounts and have pleaded for assistance at the doorstep of the various Financial Services Regulators and Bodies, there has been a need to review how better protection of individuals and their money can be ensured.