FSCA's Commissioner, Unathi Kamlana, says the watchdog will publish the regulatory framework for cryptocurrencies for public comment soon.South Africa is moving closer to a new cryptocurrency regime. The Financial Sector Conduct Authority says it will confirm a new regulatory framework for these assets"shortly", while the banking regulator asked banks to work with crypto exchanges - instead of closing their accounts summarily.
On Wednesday, the Reserve Bank’s Prudential Authority sent a guidance note to local and foreign banks operating locally, raising the issue of banks closing the accounts of crypto asset service providers. This was due to the risk banks face under money laundering regulations because of the lack of formal regulatory requirements for these providers.
The PA pointed out that there is a perception that the accounts of crypto service providers pose a higher risk for laundering money, violating sanctions and supporting other illicit activities.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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