Wednesday, June 16, 2021
Trading Bitcoin (BTC USD) South Africa to Regulate Crypto Trading in Phased Manner

Bitcoin (BTC USD) South Africa to Regulate Crypto Trading in Phased Manner

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South Africa has laid the foundation for finance watchdogs to set crypto-asset controls as the nation seeks to curb growing cases of fraud and improve the management of cross-border flows.

As digital currencies move from the periphery of the finance world to the mainstream, crypto-assets service providers have come under increased scrutiny worldwide. In Africa’s most developed economy the collapse of a Bitcoin trader late last year, alleged to be the country’s largest Ponzi scheme, and other cases of market abuse have highlighted the need for tighter rules, according to a statement by the nation’s Intergovernmental Fintech Working Group on Friday.

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“Crypto assets will be brought into the South African regulatory purview in a phased and structured manner,” it said. “It is, however, reiterated that with or without regulation, crypto assets remain inherently risky and volatile.”

Crypto Havens Lure Firms Fleeing South Africa Regulator Fear

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