South African crypto firms warn opaque regulations are harming the industry
South African crypto firms are threatening to move operations abroad if lawmakers don’t provide clear regulatory guidelines. South African crypto firms are threatening to move abroad if local lawmakers are unable to provide regulatory clarity to its domestic digital asset industry.Speaking to Bloomberg, Sean Sanders, the CEO of local crypto investment platform Revix — who plan to relocate their head office to the United Kingdom, described the South African government as being “incredibly slow” in clarifying regulatory guidelines for the crypto industry.“That leads to businesses looking....
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The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in Singapore and South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws.
South Africa’s Financial Sector Conduct Authority Warns Against Binance
The South African financial regulator issued a notice Friday about Binance, stating:
The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group as they are not authorised to....
South Africa’s top banker has said that cryptocurrencies are more akin to assets than actual currencies. Lesetja Kganyago, governor of the South African Reserve Bank (SARB), has argued against classifying crypto as currencies.According to a report by MoneyWeb, the central bank chief likened crypto to assets rather than currency during an interactive session at the Wits Business School Leadership Dialogues.According to South Africa’s central bank governor, cryptocurrencies only meet two of the three currency criteria, stating:“A cryptocurrency is a store of value. It is a medium of....
South Africa (SA) is projected as one of the most crypto-friendly African countries. However, a recent development suggests that the crypto industry in the country may be enduring a torrid time as US crypto firms move to block users in the country. Kraken Blacklists South Africans According to a report by local media outlet Moneyweb, […]
The South African Treasury says it expects the amendments to the country’s financial laws — that will see crypto asset service providers being included as accountable institutions — to be finalized in 2022. Aligning Local Laws With FATF Standards The South African Treasury has said it expects the proposals to include crypto asset service providers as accountable institutions within the Financial Intelligence Centre (FIC) Act to be finalized this year. The move to regulate crypto service providers comes as South Africa is attempting to address the “significant....
Updated crypto regulations in South Africa could boost partnerships but potentially marginalize those who need it most, local experts warn. As part of a series of amendments to South Africa’s financial laws, crypto-asset service providers will become accountable institutions. A report from the South African treasury announced further crypto regulations “to be finalized during 2022.”In brief, the proposed changes will ensure that “any person providing advice or intermediary services related to crypto assets must be recognized as a financial services provider under the act and must comply....