Global site navigation

S.Africa paves way for cryptocurrency regulation
Business and Economy

S.Africa paves way for cryptocurrency regulation

by  AFP 1 min read
Financial institutions and watchdogs around the world are grappling with how to regulate digital currencies
Financial institutions and watchdogs around the world are grappling with how to regulate digital currencies. Photo: Marco BELLO / AFP/File
Source: AFP

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find “Recommended for you” block on the home page and enjoy!

South Africa's financial watchdog on Thursday declared cryptocurrency a financial product, paving way for the regulation of the assets in the continent's most advanced economy.

The announcement comes in the wake of financial institutions and watchdogs around the world grappling on how to regulate digital currencies.

The decision by the Financial Sector Conduct Authority (FSCA) means financial firms dealing in cryptos will have to apply for licensing next year between June 1 and November 20.

"You cannot have a situation where you have entities operating outside the regulatory framework, it is not ideal, and certainly not in the public interest," FSCA Commissioner Unathi Kamlana told a news briefing.

The crypto asset, which will not be issued by the central bank, will be tradeable, transferred or stored electronically "for the purpose of payment, investment".

Source: AFP

Authors:
AFP avatar

AFP AFP text, photo, graphic, audio or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. AFP news material may not be stored in whole or in part in a computer or otherwise except for personal and non-commercial use. AFP will not be held liable for any delays, inaccuracies, errors or omissions in any AFP news material or in transmission or delivery of all or any part thereof or for any damages whatsoever. As a newswire service, AFP does not obtain releases from subjects, individuals, groups or entities contained in its photographs, videos, graphics or quoted in its texts. Further, no clearance is obtained from the owners of any trademarks or copyrighted materials whose marks and materials are included in AFP material. Therefore you will be solely responsible for obtaining any and all necessary releases from whatever individuals and/or entities necessary for any uses of AFP material.

Hot: