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South Africa to Accelerate Crypto Regulation in Wake of Scams: Report
A regulatory structure should be in place in three to six months.
Updated Sep 14, 2021, 1:19 p.m. Published Jul 1, 2021, 10:11 a.m.
South Africa is accelerating its push to regulate crypto assets after being hit by two scams this year, Bloomberg reported.
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- A regulatory structure should be in place in three to six months, Bloomberg said, citing Kuben Naidoo, CEO of the Prudential Authority, which regulates the country’s banks and insurers.
- “We are of the view that cryptocurrencies are risky and we want to ensure that the financial sector is aware of those risks and pricing for those risks properly,” Naidoo said.
- In June, the Financial Sector Conduct Authority (FSCA), which regulates market conduct, said it will start to deal with crypto assets "in a phased and structured approach."
- That's the same month that the founders of crypto investment firm Africrypt disappeared with an estimated $3.6 billion of bitcoin. Earlier this year, Mirror Trading International reportedly defrauded investors of more than $589 million.
Read more: South Africa’s Regulatory Uncertainty Driving Away Crypto Startups: Report
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