News list for " south africa"
According to market news, the South African central bank has classified cryptocurrencies and stablecoins as financial risks, citing the growing number of users and rising transaction volumes.
The South African Central Bank (SARB) has warned that cryptoassets and stablecoins have become a new risk threatening the country's financial sector due to the lack of comprehensive regulation. In its semi-annual Financial Stability Review, it pointed out that the digital, cross-border nature of cryptocurrencies allows them to circumvent existing foreign exchange control laws, while digital assets have not yet been regulated. According to Herco Steyn, the central bank's chief macroprudential exp...
A South African law enforcement agency has recently arrested a 35-year-old man on suspicion of using cryptocurrencies to finance terrorist activities. The investigation was launched in May 2018, when the Financial Intelligence Centre (FIC) and the Detection Unit received information regarding suspicious transactions suspected of being linked to terrorist financing. It is alleged that on November 30, 2017, the suspect made a...
Mzwanele Manyi, a member of the South African parliament, said: "Bitcoin is on the rise across the board and it will devalue gold, which is unstoppable."
The South African Financial Conduct Authority (FSCA) has announced that, although the West Gap Branch High Court has revoked the funds preservation order against the South African exchange Banxso (Pty) Ltd, Banxso's Financial Services Provider (FSP) license is still revoked, and the company cannot conduct financial services business, and its funds can only be used to relocate customers to other financial services providers authorized by the FSCA. The Banxso-related case is tentatively scheduled ...
South Africa's Financial Sector Conduct Authority (FSCA) on Wednesday suspended the financial services provider license of Banxso, a platform that offers cryptocurrency trading, citing concerns that its marketing practices promised customers unrealistic returns. It follows allegations that Banxso used depth fakes in its advertising campaigns and aggressive sales techniques to force customers to invest without proper threat and risk assessment.
The South African Revenue Service (SARS) has announced the inclusion of crypto assets in its compliance program. The Revenue Service is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers. SARS said recently that it felt compelled to take this step after noticing that taxpayers had failed to declare crypto assets and transactions in their tax returns. According to the statement, South African law requires SARS to account fo...
According to Bitcoin.com, South African crypto exchange Luno has partnered with Zapper to enable cryptocurrency payments at more than 31,000 merchants across the country. Some merchants include gas stations and pharmacies, the exchange said. Luno users can now trade online or at brick and mortar stores for up to $5,740 per transaction by scanning Zapper's QR code. Zapper CEO Mike Bryer said the partnership with Luno will add about 5 million South African users to Zapper's network.
On September 23rd, according to Cointelegraph, South Africa is rapidly becoming the digital asset hub of Africa. Ben Caselin, chief marketing officer of Johannesburg-based cryptocurrency exchange VALR, said that South Africa is becoming the gateway to the African market due to its good rule of law and independent judicial system. In April, the South African Financial Conduct Authority (FSCA) granted VALR a Crypto Asset Service Provider (CASP) license. According to Statista, South Africa's crypto...
South Africa was the first African country to license cryptocurrency exchanges. In 2021, the country explored a separate regulatory framework for cryptocurrencies and plans to implement it by 2022, with the goal of introducing final regulations that year. According to a report by Statista, the South African cryptocurrency market is expected to reach $246 million in revenue in 2024 with an annual growth rate (CAGR 2024-2028) of 7.86% and reach $332.90 million by 2028.
