ONLINE South Africa Who invests in cryptocurrencies in South Africa 1 week ago Samuel Post Views: 56 The National Treasury says that it is weighing up a number of possible regulatory routes for crypto-assets in South Africa as more people invest in the medium. In a presentation to parliament at the end of May, Treasury said that crypto assets have grown rapidly in South Africa over the last five years in South Africa, with users primarily investing in 12 major crypto-asset trading platforms including Luno, Altcoin Trader and VALR. Across these platforms, Treasury estimates that there are at least two million retail investors in the country, with R2 billion in transaction volumes recorded each day. However, there is concern that at least half of these investors are not fully grasping the concept of how these assets work, but rather focusing on returns of 50% or more, it said. “Crypto-assets have become too big to ignore and pose a number of risks for consumers if not sufficiently regulated,” it said. Treasury said that there are now essentially three approaches available, in theory, to regulators in South Africa: A complete ban – Treasury said this is not advised, as South Africa is way past the stage of this being a possibility given the widespread adoption of crypto-assets. It warned that a ban would also drive activities underground and require intensive policing efforts. South Africa is also a member of the intergovernmental Financial Action Task Force (FATF) which requires the country regulate cryptocurrency service providers. Do nothing – Once gain Treasury said that this is not really option given South Africa’s membership to FATF, and local organizations that require consumer protection such as the Financial Sector Conduct Authority (FSCA). Regulate – Treasury said that the only real option is to regulate crypto-asset activities. This should regulate the services – such as wallets and exchanges – rather than the asset itself. However, it warned that it must be made clear that regulation is not the same as endorsement – and that the public should be warned of the inherently volatile and risky nature of cryptos. It has also recommended that crypto-assets remain without legal tender status and not recognised as electronic money. Source: businesstech-co-za.cdn.ampproject.org SamuelI am a journalist specializing in gambling in Africa and around the world. I am particularly interested in stories about games and casinos. Facebook Twitter LinkedIn Email Print Tags: bitcoin, crypto currency, South Africa Continue Reading Previous Slots Category Sets New Records on TwitchNext Ghana Mobile Money Value Transaction Reached US$100 billion in 2020 More Stories ONLINE Pragmatic Play kickstarts supercharged €7,000,000 drops and wins promotion 3 days ago Iwo Bulski ONLINE WORLD NEWS Pragmatic Play launches Unibet’s dedicated Live Casino studio 4 days ago Iwo Bulski ONLINE WORLD NEWS TVBET expands in Mexico through the cooperation with Logrand Entertainment Group 4 days ago Iwo Bulski ONLINE WORLD NEWS Pronet Gaming boosts LatAm proposition with Vibra Gaming 4 days ago Iwo Bulski HOT NEWS NIGERIA ONLINE Microsoft Partnership – How it could Aid Nigeria iGaming Industry 5 days ago Adeleye Awakan ONLINE SOUTH AFRICA Why is online gambling so popular in South Africa? 5 days ago Samuel EGYPT ONLINE Can gambling and casino trademarks be protected in Egypt? 5 days ago Iwo Bulski ONLINE WORLD NEWS iGaming NEXT announces its dazzling 2021 online edition – Online: Bright Future 6 days ago Iwo Bulski NIGERIA ONLINE Nigeria says in talks with Twitter after suspension 6 days ago Samuel HOT NEWS ONLINE SOUTH AFRICA Smartphone users will reach 26 million in South Africa by 2023 7 days ago Szarlot ONLINE WORLD NEWS Nomination for Wazdan for the retro award at the CasinoBeats Game Developer Awards 7 days ago Iwo Bulski GHANA ONLINE Ghana Mobile Money Value Transaction Reached US$100 billion in 2020 1 week ago Adeleye Awakan Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website Save my name, email, and website in this browser for the next time I comment. This site uses Akismet to reduce spam. Learn how your comment data is processed.