South Africa - Crypto says "Here I Come"

HyperLab 2022-10-20 18:07

It’s interesting news to hear that South Africa has moved to regulate crypto assets in the country


There is no doubt that the Crypto Industry, despite the ongoing bear cycle, is making waves this year. It’s interesting news to hear that South Africa has moved to regulate crypto assets in the country. Authorities have made their point that the Crypto assets are to be treated as financial products in South Africa, to make it easier for regulators to monitor the market and help to safeguard consumers. Authorities also mentioned that the regulations they have planned to introduce include applying foreign exchange controls and licensing crypto trading companies.

Fighting Money-Laundering & Terror-Financing

The South African Reserve Bank (SARB) has been working with many regulators to recognize tokens as financial products, in order to make them easier to monitor from a money-laundering and terror-financing perspective. SARB wanted regulation of crypto assets to prevent theft, money laundering and undermining of monetary policy because an ubiquitous cryptocurrency could weaken the authority of the central bank.

“This step would aid clarity, user protection and much-needed confidence in the ecosystem,” said Hannes Wessels, country head for cryptocurrency exchange Binance South Africa. 

"This was the first legal step that was required to bring the crypto asset industry within the South African legal framework," Brent Petersen from Easy Crypto, a crypto buying and selling platform, said in a note.

The Present State

As this regulation is immediately in effect, Governments & Authorities around the world are pushing hard to regulate cryptocurrencies in order to protect users from turbulent digital coins and fraudsters. Financial crypto watchdogs have been struggling on how to regulate new digital currencies and tokens, the prices of which have fallen since November last year. Regulators and lawmakers are studying ways to guide the operation of stablecoins.

How beneficial is this going to be?

The licensing requirements that are going to emerge from this classification will drive high standards and expectations in the crypto industry, particularly in relation to consumer protection, where the potential investors will easily be able to identify the providers that satisfy the regulatory requirements. This obviously should allow the financial advisors to formally guide their clients on crypto investments.

Words from Global Leaders on Crypto Regulation in South Africa

The announcement is the first legal step that was required to bring the crypto industry within the South African legal framework, said Brent Peterson, head of legal at Easy Crypto Ltd., a crypto exchange.

This will enable us to set foot in SA and launch our esteemed services that are already being offered globally and shall benefit the people of SA, said Joseph Chong, Head of Strategic Partnerships at HyperBC, a digital asset custodial, crypto payment solutions, and fintech services organization.

HyperBC - Choose Security

HyperBC is the world's most secure digital asset custodian and most advanced crypto payment solution. With over 1B USD worth of assets in custody, and over 1 million loyal clients, we succeed by guaranteeing the security of your funds.

Our core philosophy revolves around compliance and AML. HyperBC’s robust, secure, and scalable security stack prevents cyber-crime proactively, not reactively - which is why we’ve never been hacked.

Find out more at





声明: 鸵鸟区块链所有发布内容均为原创或授权发布,如需转载,请务必注明文章作者以及来源:鸵鸟区块链(微信公众号:MyTuoniao),任何不尊重原创的行为鸵鸟区块链都将进行责任追究!鸵鸟区块链报道和发布内容,不构成任何投资建议。



8 篇 作品