RATE Group | South Africa to publish new cryptocurrency policy in early 2020
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South Africa to publish new cryptocurrency policy in early 2020

06 Dec South Africa to publish new cryptocurrency policy in early 2020

Posted at 10:51h in Cryptocurrency News by

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South Africa’s intergovernmental Fintech Working Group aims to publish a draft policy paper on crypto-assets for public comment in the first quarter of 2020.

In response to questions from BusinessTech, Reserve Bank spokesperson Ziyanda Mtshali said that the draft policy will build on a consultation paper which was released for public comment in January 2019.

“The stances proposed in the revised policy paper are in line with the recently released recommendations on crypto assets by the Financial Action Task Force,” she said.

“Within the crypto-asset environment certain areas of potential risk have been identified, such as money laundering, illicit financial flows and lack of consumer protection.

“The setting of a legal and regulatory framework assists in providing safeguards in mitigating these potential areas of risk.”

No plans to ban? 

Despite the introduction of tougher regulations, the January consultation paper states that South Africa does not currently intend to…

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