South Africa’s government issued regulatory framework for crypto
Cryptocurrency isn’t going to be banned anytime soon by the South African Reserve Bank (SARB).
According to an official statement by SARB, all crypto payment systems, ATMs, exchanges, as well as custodial companies have been assessed and as long as the crypto businesses follow the government’s guidelines and requirements, they can continue to operate.
In SARB’s official publication, “Consultation Paper on Policy Proposals for Crypto Assets,” it is stated that crypto businesses have to register with the International FinTech Working Group (IFWG) and comply with the Counter-Terrorism and Anti-Money Laundering laws.
IFWG was founded to advance South Africa’s innovation in their technology while working and maintaining a healthy financial market.
The statement was composed by several of South African government agencies, including the Financial Intelligence Centre and the South African Revenue Service, among others.
According to the SARB’s statement, the consultation paper will be open for a public feedback through February 15, 2019. All interested parties can submit their feedbacks, suggestions, or further input through a dedicated email.