As South Africa is a Bitcoin-friendly African country, it has made it mandatory to use digital coins in any business. The regulatory framework of this country is being made, but the South African Revenue Service (SARS) is looking to make the cryptocurrency industry aware of their plans for the future. The central bank of South Africa, the South African Reserve Bank (SARB), has already issued a warning that they would not allow the issuance of cryptocurrency based on the existing laws.
South Africa’s finance minister, Malusi Gigaba, spoke out this week to state that the country is in the early stages of developing a cryptocurrency regulation framework that will be ready to be introduced by the end of the year. And, if South Africa’s crypto regulations are not up to par, they want to be ready to implement regulations before the end of 2018.
South Africa has recently announced plans to clamp down on cryptocurrencies, and has said that it wants to implement regulations around virtual currencies as soon as possible.. Read more about cryptocurrency regulation south africa and let us know what you think.Summary of the situation
– Regulation of cryptocurrency strengthened after Africrypt
scam – South African regulators are trying to improve the security of cryptocurrency transactions.
In the new year, cryptocurrency speculation has had its ups and downs. This instability since the beginning of the year has attracted the interest not only of traders, but also of regulators.
In South Africa, the regulation of cryptocurrencies is in full swing following the news about the Kaji brothers and Africrypt. The South African government is also backing the actions of international authorities regarding cryptocurrencies.
The CEO of South Africa’s largest banking regulator, Kuben Naidoo, believes regulation of cryptocurrencies is necessary. South Africa’s regulator, the Prudential Authority, has proposed measures to crack down on cryptocurrencies, which are expected to be approved soon.
Africrypt scam urges regulation of cryptocurrencies in South Africa
Naidu and other regulators in the country are targeting the proposed ban on cryptocurrencies due to the recent Africrypt scam. The Ponzi scheme, which surfaced in the first few months of the year, resulted in $36 billion worth of bitcoins disappearing. It is even considered a perfect robbery because the Kaji brothers are not yet in jail.
Last year, the collapse of Mirror Trading International in Johannesburg was recognized as the biggest fraud before Africrypt. Naidu believes that cryptocurrencies are high risk and wants to ensure that the financial sector is not affected. The regulation of cryptocurrencies in South Africa is also based on the protection of traders, Kuben Naidoo said in a statement.
Regulation of cryptocurrencies has become more stringent in South Africa as they are introduced elsewhere in the world. The United Kingdom, China and Japan have also announced their intentions to fight cryptocurrencies. However, the virtual landscape shows that the purchasing power of bitcoin and altcoins is increasing.
Ban on crypto-currency gains traction in South Africa
Although the regulation of cryptocurrencies puts the nascent market at a disadvantage, it is necessary for South Africa. The ongoing scam with bitcoin is causing the market and many investors to lose value. The South African government needs to give these cryptocurrencies a chance, and the best way to do that is to regulate them.
However, other bans, such as the one imposed on Binance Markets Limited in the UK, have a more personal profile. This may directly affect the investor in the country and alienate him from the new financial technology.
Naidu’s proposal for cryptocurrencies is to create a framework of ground rules for cryptocurrency exchanges. It also proposes the establishment of a system to monitor investors and protect them against money laundering. Many companies in the country have expressed interest in this peaceful ban on cryptocurrency investors.
Marius Reitz, director of Luno Africa, thinks these rules will increase confidence in cryptocurrencies. Reitz also points out that not all regulation of crypto-currencies is harmful.When it comes to cryptocurrency regulations, South Africa is doing things one step at a time. Recently, the country’s central bank, the Reserve Bank of South Africa (RBS), announced its intentions to form regulation for cryptocurrencies and ICOs. The Bank will soon begin the process of creating a framework to regulate digital currency exchanges and wallets, following a meeting held in November 2017 to discuss the future regulation of the digital currency industry.. Read more about cryptocurrency regulation in africa and let us know what you think.
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