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South Africa Working Group Releases New Position Paper Calling for Regulation of Crypto Asset Providers

Technology Manias – EᐯEᖇYTᕼIᑎG YOᑌ ᑎEEᗪ IᑎᗪEEᗪ

South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged approach to bring crypto-assets within the regulatory remit through the regulation of crypto asset service providers (CASPs).” Crypto Service Providers to Adhere to AML/CFT Requirements The 49-page document also “sets out 25 recommendations for a revised South African policy, legal and regulatory position on crypto assets and related…

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