South African Regulators Reportedly Fast-Tracking Crypto Regulatory Framework
With South Africa receiving more than its fair share of cryptocurrency-related scams, a report suggests that regulators are responding to this challenge by fast-tracking the process of creating a new regulatory framework. As a result, regulators now expect this process, which was preceded “by the publication of proposals earlier in June,” to be complete “in three to six months.” Acknowledging Risks Associated With Crypto According to a report, under the requirements of the upcoming regulatory regime, players in South Africa’s financial sector are expected to....
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The head of the South African central bank has insisted that regulators and policymakers should be involved in directing any potential move to markets that are based on distributed ledger technology (DLT).
Pondering the Implications of Innovation
The governor of the South African Reserve Bank (SARB), Lesetja Kganyago, has argued that central banks, regulators, and policymakers should and must play a role in “shaping a potential move to DLT-based markets.”
According to Kganyago, these stakeholders can achieve this objective by “pondering the....
Strong retail interest in crypto has driven South African regulators to rethink how they classify cryptocurrencies. South Africa's financial regulators are laying the groundwork for the “phased and structured” regulation of cryptocurrencies. The move presents a reversal of the largely hands-off approach taken for the past seven years and has been driven by increasingly high levels of retail interest in crypto in the country.In a position paper published on June 11, the country's Intergovernmental Fintech Working Group , or IFWG, under the aegis of the Crypto Assets Regulatory Working....
“What we want to be able to do is to intervene when we think that what is provided to potential customers are products that they don’t understand that are potentially highly risky,” said Unathi Kamlana. Unathi Kamlana, the commissioner of South Africa’s Financial Sector Conduct Authority has reportedly said the government’s rollout of a crypto framework would be aimed at mitigating any potential risks.According to a Friday report from Bloomberg, Kamlana said the financial regulator planned to present a regulatory framework early in 2022 intended to protect investors from “potentially....
South Korea’s tax authority has begun preparations to implement its 20-22% tax on crypto income starting next year, fast-tracking the development of a tax base and tracking system to end years of delays for the Income Tax Act. Related Reading: Japan Regulators Target Crypto Deals In Real Estate With New Guidance NTS Begins 2027 Crypto […]
A group of South African banks have pushed ahead with plans to test blockchain applications in a partnership that has drawn support from key regulators in the country. As reported by local outlets IT Web and MoneyWeb, the project included teams from Standard Chartered, Absa, Rand Merchant Bank, Investec and Nedbank. Supporters of the initiative included the Financial Services Board, a major finance regulator; Strate, the country’s central securities depository; and the South African Reserve Bank. The institutions involved developed and tested a system for issuing syndicated loans via....