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South Africa Proposes Strict Crypto Regulatory Framework
Summary: According to the policy paper by South Africa’s “Intergovernmental Fintech Working Group” (IFWG), the burgeoning crypto asset sector – one survey suggests that 10.7 percent of South African internet users invest in Bitcoin – is past due for strict financial oversight, a licensure structure, closer cash flow monitoring and more. The policy paper would implement strict crypto oversight domestically. It ...
According to the policy paper by South Africa’s “Intergovernmental Fintech Working Group” (IFWG), the burgeoning crypto asset sector – one survey suggests that 10.7 percent of South African internet users invest in Bitcoin – is past due for strict financial oversight, a licensure structure, closer cash flow monitoring and more.
The policy paper would implement strict crypto oversight domestically. It would codify the Financial Action Task Force’s “new technologies” anti-money-laundering and “Travel Rule” recommendations, two international baselines for policing crypto businesses. Those businesses would also need to register with the AML watchdog the Financial Intelligence Centre.
Tracy Chen
Tags: Framework,South Africa
Link: South Africa Proposes Strict Crypto Regulatory Framework [Copy]
