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South Africa's financial regulator intends to implement a structure to secure susceptible crypto investors

3 min reading

“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,” Unathi Kamlana said.

South Africa's Financial Sector Conduct Authority commissioner, Unathi Kamlana, has purportedly stated that the government's implementation of a crypto framework will be focused on reducing any possible threats.

According to a Bloomberg report published on Friday, Kamlana said that the financial regulator intends to establish a regulatory framework in early 2022 to safeguard investors from "potentially highly risky" crypto assets. Any crypto framework, as per the commissioner, would be developed in cooperation with the South African Reserve Bank's Prudential Authority and Financial Surveillance Board.

“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,” Kamlana explained.“We must be very careful to not just legitimize them.”

The statements by the FSCA commissioner follow after the Intergovernmental Fintech Working Group of South Africa said in June that it would be building the framework for "phased and structured" cryptocurrency regulation in the country. The African nation's crypto policy has mostly been one of non-interference, with the people being cautioned that there is little safety or redress from the government in the case of scams or fraud.

When the co-founder of AfriCrypt, a South African crypto investment platform, reportedly disappeared with billions in user funds, the FSCA stated it couldn't intervene since crypto assets were unregulated in the nation. Following the alert, Binance questioned the FSCA's authority as South Africa's financial regulator, claiming that the country's Financial Intelligence Centre was responsible for ensuring that crypto firms complied with local laws.

The South African Reserve Bank started investigative research in May to determine whether a central bank digital currency or CBDC, could be implemented. The central bank is also involved in a pilot program to evaluate international settlements utilising CBDCs with counterparts in Australia, Singapore, and Malaysia.



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