Bitcoin not a currency? South Africa to regulate crypto as financial asset
South Africa’s Reserve Bank will regulate cryptocurrencies as financial assets, and new laws are expected over the next 12 months. The South African Reserve Bank is set to introduce regulations next year that will see cryptocurrencies classed and treated as financial assets to balance investor protection and innovation.Cryptocurrency use in South Africa is in a healthy space, with around 13% of the population estimated to own some form of cryptocurrency, according to research from global exchange Luno. With more than six million people in the country having cryptocurrency exposure,....
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Cryptocurrency regulation in South Africa seems to have become a reality and will set a pathway to maintain compliance in crypto and Bitcoin assets. The South African Reserve Bank (SARB) is pioneering the regulatory activities expected to start next year. According to the rules, the regulations would treat Bitcoin as a financial asset. This classification […]
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.....
Binance has announced that it is terminating some services in South Africa to comply with regulations. This move followed a warning issued by the South African financial regulator that Binance Group was not authorized to give any financial advice or render any intermediary services in the country.
Binance Ceases Some Services in South Africa
Cryptocurrency exchange Binance announced Friday some changes to its offerings in South Africa. Noting that it “constantly evaluates its product and service offerings to comply with local regulations,” Binance said it will....
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....
If implemented the declaration would require crypto firms in South Africa to register as a financial services provider.