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Crypto Havens Lure Firms Fleeing South Africa Regulator Fear
Bloomberg 3/9/2021 Loni Prinsloo and Roxanne Henderson
(Bloomberg) The world’s biggest cryptocurrency scam of last year was a jolt to South Africa’s regulator and not everyone will wait to see how it shakes out.
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As major financial hubs like Singapore redraw legislation to lure crypto firms and with the U.K. government facing calls to embrace digital currencies, South Africa’s burgeoning exchanges say they are having to move headquarters abroad due to uncertainty over potential government regulation.
Behind the frustration is a lack of oversight and limits on marketing to potential customers. Revix, a Cape Town-based operator specializing in bundles of different coins, is shifting its head office to the U.K. and planning another location in Germany to fuel growth. Luno, Africa’s largest digital-currency platform, is registered in London and has a presence in Singapore.
SA authorities “have been incredibly slow in terms of regulation in the industry and that leads to businesses looking internationally,” Revix CEO Sean Sanders said.