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South Africa's Financial Watchdog to Bring Crypto Exchanges Into Regulatory Oversight
The Financial Sector Conduct Authority said it will start to regulate the crypto industry "in a phased and structured approach."
Updated Dec 10, 2022, 9:15 p.m. Published Jun 11, 2021, 11:09 a.m.
South Africa's financial regulator announced its intention to bring crypto businesses under its oversight.
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- In a position paper publishedhttps://www.ifwg.co.za/wp-content/uploads/IFWG_CAR_WG_Position_Paper_on_crypto_assets.pdf Friday with the Intergovernmental Fintech Working Group (IFWG), the Financial Sector Conduct Authority (FSCA) said it will start to regulate crypto assets "in a phased and structured approach."
- The IFWG recommended imposing anti-money laundering rules on crypto asset service providers, monitoring cross-border financial flows and applying financial-sector laws to the crypto industry.
- Publication of the paper may provide some certainty for stakeholders in South Africa's crypto industry, which has been hindered by a lack of clarity.
- Sean Sanders, CEO of Cape Town-based exchange Revix, bemoaned the slow rate of forming regulations in the country, saying it has stymied growth because customers "arrive at our platform with skepticism."
- Brandon Topham, head of enforcement for the FSCA, told Bloomberg in January that regulation would focus primarily on protecting consumers rather than businesses.
Read more: Plans Afoot in South Africa for Country’s First Bitcoin ETF
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