South Africa tightens cryptocurrency regulation

South African regulators intend to tighten management over the cryptocurrency trade, follows from a doc submitted by the Intergovernmental Working Group on Fintech (IFWG).

IFWG Place Paper on Cryp … by ForkLog on Scribd

The IFWG contains the South African Reserve Financial institution, the Monetary Sector Supervisory Authority and the nation’s Ministry of Finance and different regulatory authorities in South Africa.

In accordance with the doc, cryptocurrency shouldn’t obtain authorized tender standing, and its use needs to be strictly managed.

On the identical time, it’s proposed to make use of cryptocurrencies “for inner fee functions” and modify it accordingly within the framework of “sandboxes”.

It’s assumed that the supervision of the crypto trade in South Africa might be carried out in accordance with suggestions Anti-Cash Laundering Monetary Motion Job Power (FATF).

The authors of the doc point out that cryptocurrency corporations should register with the regulator.

Relating to tokensales, IFWG proposes to agree on guidelines for holding ICO with native securities regulation schemes. On the identical time, token issuers should present white paper of the undertaking to regulatory authorities.

Recall the Central Financial institution of South Africa began experimenting with the regulation of cryptocurrencies again in 2017.

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