South Africa’s government issued regulatory framework for crypto

January 19, 2019
Chris Wheal

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.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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