Regulations are increasingly inevitable for crypto. Luno and Bitcoin Ekasi weigh in on the changes.
As part of a series of amendments to South Africa’s financial laws, crypto-asset service providers will become accountable institutions. Afrom the South African treasury announced further crypto regulations “to be finalized during 2022.”
In brief, the proposed changes will ensure that “any person providing advice or intermediary services related to crypto assets must be recognized as a financial services provider under the act and must comply with the act’s requirements." Marius Reitz, the Luno crypto platform General Manager for South Africa shed light on the changes, commenting that “credible crypto players welcome regulation,” adding “regulation is a vital part of the cryptocurrency ecosystem.”“Regulation will make it easier for the public to distinguish between licensed and unlicensed crypto service providers and find a safe place to store and buy their cryptocurrencies.
However, for Hermann Viver, the founder of Bitcoin Ekasi, a South African Bitcoin Beach-inspired project, it's a different story. They told Cointelegraph that sharper"KYC and AML rules push already marginalized people even further towards the margins of society. And ultimately, “authorities tend to approach the situation with a one size fits all solution, which for many, turns out not to be a solution at all.
Nonetheless, the treasury’s decision to tighten “money laundering and terror risk financing controls through crypto assets,” comes as little surprise to Bitcoin Ekasi and other members of the South African cryptocurrency industry.
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