South Africa to Propose a Crypto Regulatory Framework in Early 2022
South Africa’s rollout of a crypto framework next year will be aimed at mitigating any potential risks, Unathi Kamlana, the commissioner of South Africa’s Financial Sector Conduct Authority (FSCA) said.
The FSCA will present a regulatory framework in the beginning of 2022 intended to protect investors from “potentially highly risky” crypto assets. As reported by Bloomberg on Friday, Kamlana said that regulation on crypto would be co-created with the Prudential Authority and Financial Surveillance Board of the South African Reserve Bank. He stated:
“What we want to be able to do is to intervene when we think that what is provided to potential customers are products that they don’t understand that are potentially highly risky. We must be very careful to not just legitimize them.”
In June, South Africa’s Intergovernmental Fintech Working Group was in preparation of laying a foundation for a “phased and structured” regulation of cryptocurrencies in South Africa. Until now, the African nation’s policy on crypto has largely been one of ‘laissez-faire”, yet government have been making people aware of the unregulated nature of the asset in the country.
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Source: igaming
