Many Crypto regulation soon in South Africa: Reports

The majority of the crypto players in South Africa believe that soon the crypto Industry will see a huge crypto regulatory framework in South Africa.

South Africa is a crypto-friendly country in the world, however, the rules of the South African government don’t allow users to facilitate any kind of crypto-related transactions outside the country, and also no one is allowed to use crypto assets as legal tender.  But still better regulation on this crypto industry is giving full freedom to the people to invest in crypto assets. 

In the present time, many reports are coming about the next level of crypto adoption and regulation by South Africa. And all the reports are based on the activities that are going on between crypto companies and banking services and also in the Central Bank agency.

Popular crypto exchange of South Africa, Luna, claimed that there are many fund manager firms in South Africa and the majority of them are working to create their fund products backed by the crypto assets. And they are also planning to list their products on the Johannesburg Stock Exchange. 

Review Investment analyst, Brett Hope Robertson, noted that the Central Bank of South Africa is in talks with the Intergovernmental Fintech Working Group to bring a legal framework on this crypto industry on how to manage the crypto funds products with exchanges.

AltCoinTrader CEO, Richard DeSousa, shared his opinion on these types of reports and said that he believes that regulators will bring better legislation for this industry under the laws in favor of the Economic system. 

“I think it’s fair to say the regulators will walk a fine line. On the one hand, they don’t want to stifle innovation, but on the other hand, they have to keep economic law and order.”

Ovex executive, Jonathan Ovadia, shared his point of view and expected to get better results because the regulatory agencies work for this industry to introduce better legislation and laws. And also he hopes that all the partnerships of the Ovex with other financial services will get better clarity and also financial institutions’ crypto promotion will get better support.

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