South Africa to Implement Structured Cryptocurrency Regulatory Framework in Phases

Cointelegraph News, the retail industry’s intense interest in crypto has prompted South African regulators to rethink how they will classify cryptocurrencies. South Africa’s financial regulator is laying the groundwork for a “phased and structured” regulation of cryptocurrencies, a move that upends the largely hands-off approach the country has taken over the past seven years. The country’s Intergovernmental Fintech Working Group (IFWG), supported by the Crypto Asset Regulation Working Group, has developed a roadmap for introducing a regulatory framework centered on crypto asset service providers (CASPs). “IFGW noted that decentralization is a disadvantage, not an advantage, leaving consumers and traders without recourse to an authority or centralized entity that can resolve user errors (such as writing the wrong crypto wallet address). In previous news, South Africa released a potential regulatory document on crypto assets.