Crypto Assets in South Africa Would Be Considered Financial Products Under Re...

Crypto Assets in South Africa Would Be Considered Financial Products Under Re...

If implemented the declaration would require crypto firms in South Africa to register as a financial services provider.


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South Africa Unveils New Crypto Rules as Usage Soars Exponentially

The South African financial regulator has published a draft declaration of crypto assets as financial products. The regulator says South Africa has experienced “an exponential increase in the provision and use of crypto assets.” South Africa’s Crypto Regulation South Africa’s Financial Sector Conduct Authority (FSCA) announced Friday that it has published “a draft declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act [FAIS].” Comments on the draft declaration can be submitted until Jan. 28, 2021.....

South Africa Working Group Releases New Position Paper Calling for Regulation...

South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged approach to bring crypto-assets within the regulatory remit through the regulation of crypto asset service providers (CASPs).” Crypto Service Providers to Adhere to AML/CFT Requirements The 49-page document also “sets out 25 recommendations for a revised South African policy, legal and....

South Africa's Financial Power Players Just Went All-In on Blockchain

South Africa's central bank, its central securities depository (CSD) and several of its largest banks came together yesterday to chart a course toward large-scale blockchain implementation. Held in Johannesburg, South Africa, the meeting saw members of the blockchain working group elect a chairman, secretariat and set strategic objectives for the year ahead. Collectively, the participants in the working group comprise nearly every participant necessary to build and implement real blockchain products. Yet, even more remarkable is the outlook of some of the participants. Monica Singer, CEO....

South Africa to revise national policy position on cryptocurrency

Strong retail interest in crypto has driven South African regulators to rethink how they classify cryptocurrencies. South Africa's financial regulators are laying the groundwork for the “phased and structured” regulation of cryptocurrencies. The move presents a reversal of the largely hands-off approach taken for the past seven years and has been driven by increasingly high levels of retail interest in crypto in the country.In a position paper published on June 11, the country's Intergovernmental Fintech Working Group , or IFWG, under the aegis of the Crypto Assets Regulatory Working....

LocalBitcoins Volume In South Africa Shows 50-fold Growth In One Year

The concept of Bitcoin has been attracting attention from all over the world in recent years. Digital currency provides a way to achieve financial freedom regardless of one’s location or access to existing services and platforms. South Africa seems to be taking a serious liking to Bitcoin in recent weeks, as the LocalBitcoins trading volume keeps spiking week over week. South Africa Goes Through Financial Turmoil. Historically speaking, the increase in trading volume on LocalBitcoins in South Africa has been taking place since April of 2015. Even though a small increase is nothing to make....