With South Africa receiving more than its fair share of cryptocurrency-related scams, a report suggests that regulators are responding to this challenge by fast-tracking the process of creating a new regulatory framework. As a result, regulators now expect this process, which was preceded “by the publication of proposals earlier in June,” to be complete “in three to six months.”
Acknowledging Risks Associated With Crypto
According to a report, under the requirements of the upcoming regulatory regime, players in South Africa’s financial sector are expected to be aware of the risks that are associated with cryptocurrencies. They are also expected to price in those risks properly.
In the meantime, the report also quotes Kuben Naidoo, the CEO at Prudential Authority, a banking sector regulator, explaining how the drafting process is expected to unfold. The CEO said:
We are trying to put in place the regulatory framework quickly. Defining this as a financial product and then devel
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