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South African Treasury on Crypto Regulations: Amendments to Relevant Laws to Be Finalized in 2022
26.2.2022
The South African Treasury says it expects the amendments to the country’s financial laws — that will see crypto asset service providers being included as accountable institutions — to be finalized in 2022. Aligning Local Laws With FATF Standards The South African Treasury...
South African Finance Minister Seeks to Stop Pension Funds From Investing in Cryptocurrencies
1.11.2021
South African finance minister Enoch Godongwana has put forward proposals that bar pension funds from investing in cryptocurrencies, and has also set November 12 as the public comment deadline. Cryptocurrencies a Grey Area According to a report by Business Insider SA, Godongwana’s timeframe...
Fintech Firm Centbee Graduates From South African Regulatory Sandbox
24.9.2021
Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)’s regulatory...
Central Bank Governor: South Africa’s Digital Currency Study Ongoing
31.7.2021
South African Reserve Bank (SARB) governor, Lesetja Kganyago, has once again confirmed that the central bank is presently studying the feasibility of issuing a digital currency. In his remarks at the SARB’s annual general meeting, governor Kganyago suggested his organization has embarked...
South Africa Bank Blocks Clients From Buying Crypto on Binance, Exchange Rejects Allegations
23.6.2021
A South African bank, Absa, has reportedly blocked use of its credit cards for users buying cryptocurrencies on international exchanges, according to one media report. The claims come after clients of the financial institution reported receiving a text message informing them of the suspension...
Johannesburg Stock Exchange Rejects Bitcoin ETF Application, Cites Lack of Regulatory Framework
14.6.2021
South Africa’s Johannesburg Stock Exchange (JSE) has rejected a request by the asset management firm, Sygnia, to list a new bitcoin exchange-traded fund (ETF). In justifying its rejection of the latest proposal by Sygnia, the JSE cites the “lack of a regulatory framework...
South Africa Working Group Releases New Position Paper Calling for Regulation of Crypto Asset Providers
13.6.2021
South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged...