The ZAR Supercoin stablecoin is “purpose-built” for South Africa and is backed by the same company that owns Betway.
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National treasury must address the digital asset elephant in the room.
With South Africa tightening its grip on crypto regulations, crypto asset service providers must act to avoid compliance failures.
The South African Revenue Service has warned taxpayers that they need to disclose details of crypto investments – or else!
South Africa will license about 60 cryptocurrency platforms by the end of the month.
Nearly 10% of South Africa’s population owns crypto assets, with the figure expected to explode to 43% by 2030.
South Africa is set to adopt a raft of legislative changes over the next three to five years to modernise the regulatory framework for financial institutions.
Companies will need to apply for a licence between 1 June and 20 November 2023 in order to operate legally, the country’s financial conduct regulator said.
The move is meant to make it easier for regulators to monitor the market and help to safeguard consumers.
The South African Reserve Bank is set to bring cryptocurrencies into the regulatory oversight of the Financial Sector Conduct Authority.