Share this article
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.
STORY CONTINUES BELOW
- 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
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
California's Newsom pokes Trump, flagging convicted crypto allies CZ, Ross Ulbricht
Potential 2028 presidential candidate Gavin Newsom again goaded the president with a website highlighting ties to those with criminal records, including some in crypto.
What to know:
- The governor of California has drawn a lot of attention as a social-media foil for President Donald Trump, and Gavin Newsom has now opened a page on his state's website to put a spotlight on the president's ties to several people convicted of crimes, including in crypto circles.
- The site features those he's pardoned in the crypto space, including Changpeng "CZ" Zhao, Ross Ulbricht and the co-founders of BitMEX.
Top Stories
