Blog: South Africa’s Financial Watchdog to Bring Crypto Exchanges Into Regulatory Oversight – Yahoo Finance

Jamie Crawley
·1 min read

South Africa’s financial regulator announced its intention to bring crypto businesses under its oversight.

  • The Financial Sector Conduct Authority said it intends to bring crypto assets into its regulatory remit “in a phased and structured approach,” in a position paper published Friday with the Intergovernmental Fintech Working Group (IFWG).

  • Recommendations by the IFWG concern the implementation of an anti-money laundering framework for crypto asset service providers, a framework for monitoring cross-border financial flows and the application of financial-sector laws.

  • Publication of the paper may provide some certainty for stakeholders in South Africa’s crypto industry, which has been hindered by a lack of clarity.

  • Sean Sanders, CEO of Cape Town-based exchange Revix, bemoaned the slow rate of regulatory progress in the country, saying it stymied growth because customers “arrive at our platform with skeptcism.”

  • Brandon Topham, head of enforcement for the FSCA, told Bloomberg in January that regulation would focus primarily on protecting consumers rather than businesses.

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