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South Africa to Accelerate Crypto Regulation in Wake of Scams: Report
A regulatory structure should be in place in three to six months.
South Africa is accelerating its push to regulate crypto assets after being hit by two scams this year, Bloomberg reported.
STORY CONTINUES BELOW
- A regulatory structure should be in place in three to six months, Bloomberg said, citing Kuben Naidoo, CEO of the Prudential Authority, which regulates the country’s banks and insurers.
- “We are of the view that cryptocurrencies are risky and we want to ensure that the financial sector is aware of those risks and pricing for those risks properly,” Naidoo said.
- In June, the Financial Sector Conduct Authority (FSCA), which regulates market conduct, said it will start to deal with crypto assets "in a phased and structured approach."
- That's the same month that the founders of crypto investment firm Africrypt disappeared with an estimated $3.6 billion of bitcoin. Earlier this year, Mirror Trading International reportedly defrauded investors of more than $589 million.
Read more: South Africa’s Regulatory Uncertainty Driving Away Crypto Startups: Report
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
