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South Africa Adds Crypto Businesses to List of Accountable Institutions
Crypto exchange and custody businesses are among entities that will have to identify and keep records for new and existing clients.
South African lawmakers have added crypto businesses to the country's list of accountable institutions, according to an amendment document published on Tuesday.
Businesses that offer exchange services, or are responsible for taking care of the safekeeping of crypto will have to identify and define new and existing clients and keep records of their identity. The rule was added as an amendment to the country's Financial Intelligence Act of 2001 and will take affect on Dec. 19.
STORY CONTINUES BELOW
Regulators all over the world have been calling for improved standards and transparency in the crypto sector following the collapse of exchange giant FTX in early November.
In July, Kuben Naidoo, deputy governor of the South African Reserve Bank said the country would introduce a regulatory framework for cryptocurrencies. In October, South Africa classified crypto assets as financial products.
Read more: South African Central Bank to Look at Regulating Crypto
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
