South Africa’s government moves closer to crypto regulation

posted 6 months ago
Authorities in South Africa are seeking comments on proposed policy changes that could regulate cryptocurrencies. The South African Reserve Bank & the National Treasury may overhaul of the national payment system, as its legislation is currently outdated. The goal would be to ensure that the regulatory net covers sectors of the economy that were previously unregulated, such as the cryptocurrency space. Regulation is intended to “Allow/enable new or unregulated service providers, services, systems and instruments (e.g. virtual currencies, distributed ledger technologies and fintech companies)” according to the policy paper from the South African government.

“As the payments industry moves towards a digital age and becomes increasingly innovative, and financial technology becomes more advanced, the emergence of new payment methods, technologies, services, risks, participants and ‘payment systems’ have become increasingly prominent and challenge the traditional payments regulatory landscape,” the South African Reserve Bank and the National Treasury wrote in a joint statement.
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