South Africa’s Crypto Regulation Framework

The South African Reserve Bank has outlined its framework for regulating the Crypto Industry.

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Kuben Naidoo, deputy governor of the SARB, stated in a recent webinar that the South African Reserve Bank had changed its position on crypto-currencies and that regulations would be introduced.

“Our view has changed and we now regard it [crypto-currency] as a financial asset and we hope to regulate it as a financial asset. There has been a lot of money that has flowed in and there is a need to regulate it and bring it into the mainstream,”

“We want to create a regulatory environment that will make digital currency safer. (Whether it goes up or down is not an issue.) The job of the central bank is not to pick winners and losers in an investment race, but to regulate it so that people have an adequate health warning and investor protection.”

Kuben Naidoo, SARB Deputy Governor

The regulatory framework will have a systematic and phased manner and have significant focus on investor protection.

To read the full article about what to expect of SA’s crypto regulations framework read IT Web’s article: “SARB makes U-turn on crypto regulation, outlines SA’s framework”.

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