SARB is primarily concerned with implementing a regulatory framework that ensures anti-money-laundering legislation and exchange controls are adhered to, just as it is for investment and trading in other financial assets.Responding to the new development, South African crypto exchanges say regulation will also safeguard traders against crypto scams.“Unfortunately, there are a lot of bad actors in the crypto space because of its decentralised, permissionless nature.
“In short, VALR has been ready for a regulatory framework for many years and we welcome regulatory progress in the crypto industry.”“Well-formed regulation should promote innovation and progress while protecting the interests of the public and society at large. Poorly formed regulation, on the other hand, would have adverse effects not only on the industry, but on employment, tax revenues for the country, and South Africa’s ability to attract capital and talent to our shores.
Marius Reitz, Luno GM for Africa, says the move will require crypto asset service providers to obtain Financial Services Provider licences and will be easier for the public to identify a trusted and licensed platform. Once regulation is introduced in South Africa, compliance will not require a step-change in terms of how things are done at Luno, he notes.
LunoGlobal VALRdotcom OVEXIO ChainEXIO It's not about regulation this failing state just need more money to fund their stealing and dreams and schemes and want to tax crypto for it.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTechSA - 🏆 24. / 61 Read more »