Cryptocurrency regulation is coming in South Africa
The time to regulate cryptocurrencies in South Africa has come, says Michail le Roux of Hanekom Attorneys.
The South African Reserve Bank (Sarb) is looking toward regulating cryptocurrencies.
It will test several regulations related to Bitcoin and other cryptocurrencies.
The Sarb started researching the feasibility of cryptocurrency technology back in 2017.
It expects to have regulations in place 12 to 24 months from now.
Were speaking about an asset that has multiple applications; the future of the internet, says Michail le Roux of Hanekom Attorneys.
Le Roux welcomes regulation to deal with some of the unsavoury aspects of crypto.
He says regulations will focus on crypto as financial assets rather than alternative currencies.
Crypto assets are financial assets They will not be a currency like the South African rand If we want to regulate crypto assets, we need to deal with money laundering
Michail le Roux, Hanekom Attorneys
The Financial Sector Conduct Authority would have to include crypto assets as a financial product
Michail le Roux, Hanekom Attorneys
Lester Kiewit interviewed Le Roux about the upcoming new Sarb rules on crypto – scroll up to listen.
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