SARB to Regulate the Crypto-Currency Industry

The South African Reserve Bank changes is regulatory stance on the Crypto-Currency Industry.

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The South African Reserve Bank has for many years stated that it would not be regulating the Crypto-Currency Industry. This however has now changed.

In a recent webinar, deputy governor of the SARB, Kuben Naidoo, stated that the SARB views crypto as a type of asset and said it would be regulated as such.

The South African Reserve Bank’s focus is on anti-money-laundering legislation and ensuring exchange controls are adhered to, and thus the regulatory framework will focus on this.

A number of local crypto-firms have welcomed the move saying it will be good for the industry.

To find out more about this move you can read the IT Web article: “SARB regulation will weed out bad actors, say crypto players”.

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