South Africa Wants to Mandate Registration of Crypto Service Providers

A regulatory working group in South Africa, which includes the country’s central bank, has released a consultation paper on crypto assets this week. According to the document, all exchanges, wallet providers, Bitcoin ATMs and payment processors will have to register with the government in 2019. 

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Consultation Paper on Crypto Assets

South Africa’s Financial Intelligence Centre (FIC), Financial Sector Conduct Authority (FSCA), National Treasury (NT), the South African Revenue Service (SARS), and the South African Reserve Bank (SARB) jointly released on Wednesday their consultation paper on crypto assets. The group was formed to review the state of cryptocurrency in the country under the Intergovernmental Fintech Working Group (IFWG) at the start of 2018.

The paper includes background on the subject and provides the scope of the activities that have been assessed. It highlights the benefits and risks, as defined by the regulators, reviews the approaches taken by other jurisdictions, and presents recommendations for dealing with crypto assets from a local perspective. The South African public and impacted parties have been asked to provide comments on the document by Feb. 15, 2019, and the regulators promise that the input will help determine the way in which crypto assets will be regulated.

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The post South Africa Wants to Mandate Registration of Crypto Service Providers appeared first on BlockBoard.

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