Ken Chigbo
Independent Analyst
- South African central bank are exploring new rules for crypto-based companies.
- SARB are keen to protect consumers and investors that are getting involved with crypto.
Cryptocurrency exchanges and wallet providers, will be required to register with the country’s regulators, under a new set of proposed legislation, set out by the South African Central Bank. This will be for any company that operates within the crypto industry.
The South African Reserve Bank (SARB) detailed that regulatory action on crypto-based assets will need to be prioritized, as it is vital to protect consumer and investors. Noting that that consumers are left vulnerable as sellers of crypto assets are not regulated. This commentary coming via a consultation paper they published on Wednesday.
SARB further noted that “At this proposed level, an official body places specific requirements on providers of certain services in respect of crypto assets, without setting predefined conditions for formal authorization to provide crypto assets-related products or services,”
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