South Africa’s financial regulators are laying the groundwork for the “phased and structured” regulation of cryptocurrencies. The move presents a reversal of the largely hands-off approach taken for the past seven years and has been driven by increasingly high levels of retail interest in crypto in the country.
In a position paper published on Friday, the country’s Intergovernmental Fintech Working Group, or IFWG, under the aegis of the Crypto Assets Regulatory Working Group, laid out a roadmap for introducing a regulatory framework that will center on crypto asset service providers.