SOUTH AFRICA
South Africa Drafts Bill to Tighten Crypto Controls, Bitcoin (BTC) in Focus
South Africa's Treasury proposes a bill criminalizing unauthorized crypto transactions, with fines up to $60,000 and prison terms of five years.
Binance Bahrain to Serve South African Derivatives Users
Binance Bahrain B.S.C. (c) will now provide services for South African derivatives users, ensuring compliance with local regulations.
Tether (USDT) and Xion Global Partner to Boost Blockchain Education in South Africa
Tether and Xion Global have announced a strategic partnership to enhance blockchain education in South Africa, aiming to improve digital transaction capabilities.
South Africa Sets Year-End Licensing Deadline for Crypto Exchanges
According to Bloomberg, South Africa has mandated that all crypto exchanges operating within its borders must secure licenses by the end of the year. The Financial Sector Conduct Authority (FSCA), the country's financial regulator, has already received approximately 20 applications since the licensing process was initiated a few weeks ago.
New clause in South Africa's advertising code for cryptocurrency
South Africa's Advertising Regulatory Board now covers cryptocurrencies. Ads must "expressly and plainly" warn investors of money loss. They must also provide balanced information on product returns, features, advantages, and dangers.
As crypto grows across Africa, IMF asks for greater regulation
IMF wants to regulate Africa's crypto marketplaces. Cryptocurrency is a booming market. 25% of sub-Saharan African nations have explicitly regulated crypto, while 2/3 have prohibitions.
South African Supermarket Chain Pick n Pay Starts Accepting Bitcoin Payments
The development of Pick n Pay means that South African shoppers can now purchase food and other goods online with Bitcoins.
South Africa Classifies Crypto as Financial Assets
The country appears to be developing regulations consistent with those being developed by other regulators in the global market.
South Africa's Monetary Authority Ask Banks to Work with Crypto Exchanges
South Africa’s Central Bank has released new guidelines stating that banks in the country may act as a channel for funds tied to crypto asset service providers.
SARB to Introduce Crypto Regulation
South Africa has changed their mind in terms of crypto regulation. The regulator intends to introduce a legal framework to govern the use of cryptocurrencies in the country.
South African Regulator to Unveil Consumer Protection Regulations in Early 2022
The South African Financial Sector Conduct Authority is on track to unveil an encompassing regulatory framework that is targeted at protecting consumers from scams emanating from the digital currency ecosystem.
Four Countries to Conduct Cross Border CBDC Payment Trials
The Bank for International Settlements (BIS) has joined forces with the central banks of South Africa, Malaysia, Singapore, and Australia to kick start a project dubbed Dunbar aimed at testing the use CBDCs in cross border payments.
$3.6B Worth Bitcoins Scam, Founders of South African Crypto Exchange Africrypt Are Missing
The total value of $3.6 billion Bitcoins disappeared while the founders of South African cryptocurrency exchange AfriCrypt are missing.
Unclear Crypto Regulations in South Africa Alarm Entrepreneurs
Cryptocurrency regulation is still largely unclear in South Africa, creating a strenuous business environment for crypto entrepreneurs.
BitMEX Invests in South Africa’s Largest Bitcoin Exchange
In a bold financial move, the parent company of BitMEX cryptocurrency exchange has decided to invest in a South Africa’s biggest Bitcoin exchange, VALR.