ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • ETH
  • Listing Platform
  • BSC
  • ETH
What's Hot

Flood of Ethereum Futures Exchange-Traded Funds Could Launch on Monday, According to Bloomberg ETF Analyst

September 30, 2023

Invesco and Galaxy Pursue Spot Ether ETF Application

September 30, 2023

Bitcoin Could Benefit if an Economic Recession Hits, Says Fidelity Investments Macro Analyst – Here’s Why

September 30, 2023
Twitter Telegram
  • Listing Platform
  • Home
  • BSC
  • ETH
Advertise
Twitter Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Flood of Ethereum Futures Exchange-Traded Funds Could Launch on Monday, According to Bloomberg ETF Analyst

    September 30, 2023

    Invesco and Galaxy Pursue Spot Ether ETF Application

    September 30, 2023

    Bitcoin Could Benefit if an Economic Recession Hits, Says Fidelity Investments Macro Analyst – Here’s Why

    September 30, 2023

    Bigger Than Pepe and Shiba Inu, Wall Street Memes Price Pumps 56%, Trading Volume Beats Other Top Crypto Meme Coins

    September 30, 2023

    Bitcoin Could Benefit if an Economic Recession Hits, Says Fidelity Investments Macro Analyst – Here’s Why

    September 30, 2023

    Bitcoin price posting best September since 2016 as BTC sellers eye $27.5K

    September 30, 2023

    Bitcoin’s inflation-hedge theory tested as rising interest rates bring turbulence to markets

    September 29, 2023

    Crypto Analyst Says Bitcoin (BTC) Is ‘Worth Watching’, Dives Deep Into Chainlink (LINK)

    September 29, 2023

    Pond0x DEX claims $100M in trading volume as critics allege it’s a scam

    September 29, 2023

    Invesco Galaxy applies for Ether spot ETF

    September 29, 2023

    Valkyrie backtracks on Ether futures contract purchases until ETF launch

    September 29, 2023

    Valkyrie will offer exposure to Ether futures as SEC delays spot Bitcoin ETF

    September 28, 2023

    Analyst Michaël van de Poppe Says Top-50 Altcoin That’s Exploded Nearly 800% Year-to-Date Ready for a ‘New Leg Up’

    September 30, 2023

    Top-35 Altcoin Ignores Crypto Market Doldrums and Surges by Nearly 45% in the Past Month Amid Spike in Activity

    September 30, 2023

    Shiba Inu Team Advises Investors To Do Their Own Research, Be Wary of Suspicious SHIB Partnerships

    September 29, 2023

    Crypto Trader Says Controversial Altcoin Could Surge by Double Digits, Updates Outlook on Biconomy and Terra

    September 29, 2023

    Flood of Ethereum Futures Exchange-Traded Funds Could Launch on Monday, According to Bloomberg ETF Analyst

    September 30, 2023

    Invesco and Galaxy Pursue Spot Ether ETF Application

    September 30, 2023

    Bitcoin Could Benefit if an Economic Recession Hits, Says Fidelity Investments Macro Analyst – Here’s Why

    September 30, 2023

    Bigger Than Pepe and Shiba Inu, Wall Street Memes Price Pumps 56%, Trading Volume Beats Other Top Crypto Meme Coins

    September 30, 2023
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos

    Huge Ethereum News for 2024 (Top 5 Cryptos To Buy & HOLD in 2024)

    September 30, 2023

    🚨BREAKING🚨 First U.S. Ethereum ETF APPROVED! (Altcoin Pump Coming?)

    September 29, 2023

    Ethereum Futures ETF: 90% Odds of Approval and What It Means! #shorts #crypto #youtubeshorts

    September 29, 2023

    Congress Still Gets Paid During a Shutdown? Here's the Truth! #shorts #crypto #youtubeshorts

    September 29, 2023

    Look Out! This is how Coinbase plans to DEFEAT US REGULATORS!

    September 29, 2023
  • bitcoinBitcoin(BTC)
    $0.000.500% 24H
    BITCOIN
    24H : 0.500%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.000.660% 24H
    ETHEREUM
    24H : 0.660%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.01% 24H
    TETHER
    24H : -0.01%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.000.140% 24H
    BNB
    24H : 0.140%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-2.43% 24H
    XRP
    24H : -2.43%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSDC(USDC)
    $0.000.050% 24H
    USDC
    24H : 0.050%
    Volume : $0.00
    Marketcap : $0.00
  • staked-etherLido Staked Ether(STETH)
    $0.000.760% 24H
    LIDO STAKED ETHER
    24H : 0.760%
    Volume : $0.00
    Marketcap : $0.00
  • solanaSolana(SOL)
    $0.006.40% 24H
    SOLANA
    24H : 6.40%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.000.230% 24H
    CARDANO
    24H : 0.230%
    Volume : $0.00
    Marketcap : $0.00
  • dogecoinDogecoin(DOGE)
    $0.000.750% 24H
    DOGECOIN
    24H : 0.750%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.000.500% 24H
    BITCOIN
    24H : 0.500%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.000.660% 24H
    ETHEREUM
    24H : 0.660%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.01% 24H
    TETHER
    24H : -0.01%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.000.140% 24H
    BNB
    24H : 0.140%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-2.43% 24H
    XRP
    24H : -2.43%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSDC(USDC)
    $0.000.050% 24H
    USDC
    24H : 0.050%
    Volume : $0.00
    Marketcap : $0.00
  • staked-etherLido Staked Ether(STETH)
    $0.000.760% 24H
    LIDO STAKED ETHER
    24H : 0.760%
    Volume : $0.00
    Marketcap : $0.00
  • solanaSolana(SOL)
    $0.006.40% 24H
    SOLANA
    24H : 6.40%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.000.230% 24H
    CARDANO
    24H : 0.230%
    Volume : $0.00
    Marketcap : $0.00
  • dogecoinDogecoin(DOGE)
    $0.000.750% 24H
    DOGECOIN
    24H : 0.750%
    Volume : $0.00
    Marketcap : $0.00
ApeWatcher News
Home » Bitcoin not a currency? South Africa to regulate crypto as financial asset
Bitcoin

Bitcoin not a currency? South Africa to regulate crypto as financial asset

Coin TelegraphBy Coin TelegraphJuly 13, 20220 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

The South African Reserve Bank is set to introduce regulations next year that will see cryptocurrencies classed and treated as financial assets to balance investor protection and innovation.

Cryptocurrency use in South Africa is in a healthy space, with around 13% of the population estimated to own some form of cryptocurrency according to research from global exchange Luno. With more than 6 million people in the country having cryptocurrency exposure – regulation of the space has long been a talking point.

Companies or individuals looking to provide advice or intermediary services involving cryptocurrencies are currently required to be recognized as financial services providers. This involves meeting a number of checkboxes to comply with global guidelines set out by the Financial Action Task Force.

South Africa’s National Treasury budget review published in February 2022 formally introduced the move to declare cryptocurrencies as financial products. The state also plans to enhance the monitoring and reporting of cryptocurrency transactions to comply with exchange regulations in the country.

South African Reserve Bank deputy governor Kuben Chetty has now confirmed that new legislation will be introduced in the next 12 months, speaking in an online series hosted by local investment firm PSG on July 12. This will see cryptocurrencies fall under the scope of the Financial Intelligence Centre Act (FICA).

This is significant, as it will allow the sector to be monitored for money laundering, tax evasion, and terrorism financing which has been a heavily debated byproduct of the decentralized nature of cryptocurrencies and blockchains.

Related: South Africa finishes technical PoC for wholesale CBDC settlement system

Chetty highlighted the road that the SARB will take over the next 12 months to introduce this new regulatory environment. Firstly, it will declare cryptocurrencies as a financial product which allows their listing as a schedule under the Financial Intelligence Centre act.

Following that, a regulatory framework will be developed for exchanges which will include certain KYC requirements as well as the need to meet tax and exchange control laws. Exchanges will also be expected to issue a ‘health warning’ to highlight the risk of losing money.

Chetty noted that the SARB’s attitude towards the sector has changed significantly over the past decade. Some five years ago the institution thought there was no need for any regulatory oversight, but a gradual shift in perception to define cryptocurrencies as financial assets has changed that stance.

“By all definitions, it’s [cryptocurrencies] not a currency, it’s an asset. It’s something that is tradable, it’s something that is created. Some have backing, others do not. Some may have a genuine underpinning, real economic activity.”

The deputy governor insisted that the SARB did not regard cryptocurrencies as a form of currency given the perceived inability for everyday retail use and the associated volatility. 

Chetty agreed that continued interest in the space creates a need to regulate the sector and facilitate its merge with mainstream finance “in a way that balances the excitement and hype with the investor protection required”.

The SARB also continues to explore the possible introduction of a central bank digital currency (CBDC), having recently completed a technical proof-of-concept in April 2022. The second stage of Project Khokha involved using a blockchain-based system for clearing, trading and settlement with a handful of banks that form part of the Intergovernmental Fintech Working Group (IFWG).

Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin Could Benefit if an Economic Recession Hits, Says Fidelity Investments Macro Analyst – Here’s Why

September 30, 2023

Bitcoin price posting best September since 2016 as BTC sellers eye $27.5K

September 30, 2023

Bitcoin’s inflation-hedge theory tested as rising interest rates bring turbulence to markets

September 29, 2023

Crypto Analyst Says Bitcoin (BTC) Is ‘Worth Watching’, Dives Deep Into Chainlink (LINK)

September 29, 2023

A $600 billion tipping point for crypto

September 29, 2023

Bitcoin About To Hit New Highs As ‘Completely New Environment Unfolds’ for BTC, Says Glassnode Co-Founders

September 29, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Flood of Ethereum Futures Exchange-Traded Funds Could Launch on Monday, According to Bloomberg ETF Analyst

September 30, 2023

Invesco and Galaxy Pursue Spot Ether ETF Application

September 30, 2023

Bitcoin Could Benefit if an Economic Recession Hits, Says Fidelity Investments Macro Analyst – Here’s Why

September 30, 2023
# Name Price Changes 24h Market CAPVolume Supply
ApeWatcher News
Twitter Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2023 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.