South Africa has become the crypto hub of the region and is yet increasing in popularity even more. The crypto assets in South Africa have become common for several years already, making the market expand time by time with significant steps made forward. The popularity of cryptos is determined by several very obvious things even at the first sight.
What makes South Africa’s crypto regulation unique is the fact that traders are fully protected and can, at their own risk trade with unregulated brokers. The FSCA, in the past known as the Financial Services Board, is a monetary guard dog of South Africa and is entrusted with managing the market by shielding the residents and the economy from any potential illegal tax evasion and fraud.
The Cardano Foundation is teaming up with the South African National Blockchain Alliance (SANBA) to expand its footprint in South Africa.
Based in Zug, Switzerland, the Cardano Foundation is an independent body with core responsibilities to help oversee and supervise the development of Cardano,
The South African Reserve Bank (SARB), the central bank of the country, is planning to introduce new crypto rules to stop cryptocurrencies from being used to evade currency controls.
Last week, SARB deputy governor Kuben Naidoo said that the new rules would be put in place in the first quarter of next year.
The Apollo Foundation has signed a memorandum of understanding (MoU) with the nation of Lesotho, an enclaved country within the border of South Africa, to develop and implement blockchain technology in various government departments and initiatives.
The Apollo Foundation maintains development,
Investec, an international specialist banking and asset management group, has partnered with South African automated clearing house BankservAfrica and identity platform Uport to demonstrate a blockchain-based digital identity system.
The digital identity system prototype, which Investec believes could enhance trust and security in South Africa’s financial system,
The Standard Bank of South Africa will be rolling out a permissioned blockchain payment platform that will allow corporate clients to engage in overseas foreign exchange trading.
The Standard Bank of South Africa, Africa’s biggest lender by assets, was formed in 1862 as a South African subsidiary of the British overseas bank Standard Bank.
South Africa authorities have arrested two suspects alleged to be behind the kidnapping of a teenage boy, whose family was then told to pay ransom in bitcoin.
Local news outlet Times Live reported that the incident happened in May 20, 2018 in Witbank.
The South African Reserve Bank (SARB), the central bank of the country, said that the local crypto industry should be regulated to protect the public.
In a recently published consultation paper, the SARB provided an overview of the perceived risks and benefits associated with crypto assets,
South Africa has created a dedicated regulatory working group on cryptocurrency and blockchain.
Finance minister Tito Mboweni said the working group includes representatives from the Financial Intelligence Centre, Financial Sector Conduct Authority, Treasury, the Reserve Bank, and the SA Revenue Service (Sars).
The working group will study the country’s cryptocurrency industry and create a unified intergovernmental framework for it,