S.Africa paves method for cryptocurrency regulation
South Africa’s monetary watchdog on Thursday declared cryptocurrency a monetary product, paving method for the regulation of the property within the continent’s most superior economic system.
The announcement comes within the wake of monetary establishments and watchdogs around the globe grappling on methods to regulate digital currencies.
The choice by the Monetary Sector Conduct Authority (FSCA) means monetary companies dealing in cryptos should apply for licensing subsequent 12 months between June 1 and November 20.
“You can’t have a state of affairs the place you might have entities working outdoors the regulatory framework, it isn’t ultimate, and positively not within the public curiosity,” FSCA Commissioner Unathi Kamlana advised a information briefing.
The crypto asset, which won’t be issued by the central financial institution, will likely be tradeable, transferred or saved electronically “for the aim of cost, funding”.
China’s central financial institution guidelines all crypto transactions are unlawful
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S.Africa paves method for cryptocurrency regulation (2022, October 20)
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