South Africa to Explore Stablecoins, Blockchain for Digital Payments
South Africa’s 2024 budget review shows the treasury’s strategy to encourage the use of digital payments by analyzing stablecoins and blockchain. In its 2024 budget review, the nation emphasized implementing structural reforms and enhancing public financial management. The National Treasury, in the course of describing its strategy to promote digital payments, also disclosed an imminent […]
South Africa to require crypto licenses for exchanges by 2023 end
South Africa plans to take enforcement action against crypto exchanges operating without a license by the end of 2023. According to Financial Sector Conduct Authority (FSCA) commissioner Unathi Kamlana, the organization has received about 20 license applications since its recent launch and anticipates receiving more before the deadline of November 30, according to Bloomberg. According […]
South Africa’s ARB adds new clause for crypto industry
The Advertising Regulatory Board (ARB) of South Africa in its code of advertising practice has added a new clause for the cryptocurrency industry to shield consumers from unethical and misleading advertising. A new provision added to Section III of the South African advertising code mandates that businesses and people adhere to particular advertising requirements relating […]
FSCA Prepares South Africa Cryptocurrency For Expansion
South Africa companies that provide financial services are to give customers with goods and services related to cryptocurrencies. On October 19, South Africa’s Financial Sector Conduct Authority revised its financial advisory legislation from 2002, categorizing crypto assets in the country as financial products. This development comes as a direct result of that amendment. The most […]
South Africa’s Central Bank ‘Paves Way’ for Crypto Clients
South Africa’s Central Bank said that customers with digital assets shouldn’t be banned “en masse.” South Africa’s central bank said that banks can now deal with funds linked to digital assets and shouldn’t block all crypto clients randomly. The South African Reserve Bank (SARB) said in new guidelines released this week that banks in the […]