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Navigating SA s highly regulated investment environment
citizen.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from citizen.co.za Daily Mail and Mail on Sunday newspapers.
There will be more MTIs and Africrypts until crypto is regulated
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South Africa s $4 billion in crypto scams has regulators scrambling to bring in new regulations within the next three to six months
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Africa is opening up to cryptocurrency and its underlying blockchain technology
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Report: South Africa Bars Transfer of Locally Acquired Cryptocurrencies to Overseas Exchanges, Offenders Face Jail Time
Fresh reports from South Africa suggest that the transfer of locally acquired cryptocurrencies to overseas crypto exchanges will now be subject to the country’s exchange control regulations. Consequently, transactions where an individual purchases crypto assets in South Africa and uses them to externalize “any right to capital” will be deemed a criminal offense.
Risk of Imprisonment
According to a Mybroadband report, this new interpretation of the country’s exchange control regulations is contained in the FAQ document recently published by the Intergovernmental Fintech Working Group (IFWG), a body that is comprised of South Africa’s financial regulators. In the document, regulators explained: