Report: South Africa Bars Transfer of Locally Acquired Cryptocurrencies to Ov...
Fresh reports from South Africa suggest that the transfer of locally acquired cryptocurrencies to overseas crypto exchanges will now be subject to the country’s exchange control regulations. Consequently, transactions where an individual purchases crypto assets in South Africa and uses them to externalize “any right to capital” will be deemed a criminal offense. Risk of Imprisonment According to a Mybroadband report, this new interpretation of the country’s exchange control regulations is contained in the FAQ document recently published by the Intergovernmental....
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Chipper Cash, an African fintech start-up, has extended its peer-to-peer instant money service to South Africa. In addition to being able to use the remittance service, South African users will be able to buy, sell, and transfer cryptocurrencies like bitcoin, ethereum, and the USDC stablecoin. South Africa Ripe for Disruption and Innovation According to a report that quotes the start-up’s VP for strategy and partnerships in Africa, Pardon Mujakachi, Chipper Cash has made the foray into South Africa because it believes the country “is ripe for disruption and innovation in the....
Sympathizers of the terror group, the Islamic State (IS) are allegedly using South Africa’s financial system to channel funds to the group’s affiliates and networks in Africa. The United States government has so far sanctioned four South Africa-based individuals it accused of facilitating the transfer of funds to African terror groups. Millions of Dollars Laundered A new United Nations Security Council (UNSC) document alleges affiliates of the Islamic State (IS) in Africa are using the South African financial system to mobilize and launder millions of dollars. As per a....
With a cryptocurrency ownership rate of 10%, or four million people, South Africa “ranks 18th out of 26 countries for crypto adoption,” the latest Finder’s report has said. The report also noted that South Africa’s proportion of crypto owners holding bitcoin, 52%, is the third highest out of 26 countries. Just Over Half Own BTC According to Finder’s crypto adoption trends report for August 2022, about four million people, or 10% of South Africans, are cryptocurrency holders. With this crypto ownership rate, South Africa is ranked eighteenth out 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, […]
Africa has been “late to the fintech party,” according to a report by African news service Quartz. However, peer-to-peer payment processors like M-Pesa and digital currencies such as Bitcoin are providing greater accessibility to banking services on the continent — a trend that legacy banks such as Barclays are starting to not only acknowledge, but also....