• Latest
South Africa’s Central Bank Proposes Rules for Crypto Companies

South Africa’s Central Bank Proposes Rules for Crypto Companies

January 17, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

South Africa’s Central Bank Proposes Rules for Crypto Companies

coinnewsdaily by coinnewsdaily
January 17, 2019
in Business
0
South Africa’s Central Bank Proposes Rules for Crypto Companies
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Crypto exchanges and wallet providers would have to register with regulators under rules proposed by South Africa’s central bank.

In a consultation paper published Wednesday, the South African Reserve Bank (SARB) said that regulatory action on crypto assets needs to be prioritized to protect consumers and investors, stating that consumers “are left vulnerable as sellers of crypto assets are not regulated.”

Discussing the possible regulatory approaches that could be taken, and citing the “reputational risk” that is faced if mistakes are made, the central bank proposes walking a middle line between doing nothing and stringent regulation or a ban – a level of oversight it describes as “limited regulation.”

“At this proposed level, an official body places specific requirements on providers of certain services in respect of crypto assets, without setting predefined conditions for formal authorisation to provide crypto assets-related products or services,” SARB says.

As such, the bank suggests that a “useful starting point” for regulating the space would be the introduction of a registration scheme for crypto asset service providers such as exchanges and wallet providers.

It would follow that with a review of existing rules and how they can be applied to crypto assets, with possible amendments or new rules to follow, and finally a review of the regulatory actions implemented at that point.

“The phased approach, starting with the registration requirement, could lead to formal authorization and designation as a registered/licensed provider for crypto asset services operating in South Africa at a later stage,” SARB states.

The central bank also recommended that crypto assets should remain without legal tender status and should not be recognized as electronic money in its proposal.

A detailed process for registration is expected to be issued and implemented by the first quarter of 2019. Registered crypto entities would also need to report suspicious and unusual cash transactions of 25,000 South African rand (or $1,820) and above, according to the proposed rules.

The central bank’s consultation paper is a joint effort with the Intergovernmental Fintech Working Group (IFWG), consisting of several South African regulatory authorities, and is open for public comment until Feb. 15.

Back in April, the South African Revenue Service, the country’s tax agency, said that normal tax rules are applicable to crypto earnings – that is, they may be treated under standard income tax rules, but may be liable for capital gains tax in some cases.

Cape Town City Hall image via Shutterstock 

Credit: Source link

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
Share76Tweet48
Previous Post

Ripple’s CEO and CTO Blasts ‘XRP’s Hostile Takeover’ Rumors

Next Post

OKCoin Founder Star Xu Seeks to Acquire Public Firm for $60 Million

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
OKCoin Founder Star Xu Seeks to Acquire Public Firm for $60 Million

OKCoin Founder Star Xu Seeks to Acquire Public Firm for $60 Million

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,485.00-1.17%
  • ethereumEthereum(ETH)$1,639.67-1.40%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$322.85-1.47%
  • rippleXRP(XRP)$0.412027-0.25%
  • cardanoCardano(ADA)$0.399678-0.20%
  • dogecoinDogecoin(DOGE)$0.091608-1.84%
  • matic-networkPolygon(MATIC)$1.18-3.03%
  • okbOKB(OKB)$39.57-0.96%
  • solanaSolana(SOL)$24.33-1.95%
  • polkadotPolkadot(DOT)$6.683.00%
  • shiba-inuShiba Inu(SHIB)$0.0000123.18%
  • litecoinLitecoin(LTC)$98.16-1.81%
  • tronTRON(TRX)$0.0644521.60%
  • daiDai(DAI)$1.000.05%
  • cosmosCosmos Hub(ATOM)$14.62-0.14%
  • chainlinkChainlink(LINK)$7.10-1.76%
  • ethereum-classicEthereum Classic(ETC)$23.263.63%
  • moneroMonero(XMR)$172.36-3.48%
  • leo-tokenLEO Token(LEO)$3.35-0.38%
  • bitcoin-cashBitcoin Cash(BCH)$137.38-0.49%
  • stellarStellar(XLM)$0.092206-0.62%
  • filecoinFilecoin(FIL)$5.48-2.67%
  • crypto-com-chainCronos(CRO)$0.080507-0.76%
  • algorandAlgorand(ALGO)$0.253974-0.20%
  • vechainVeChain(VET)$0.024448-0.85%
  • internet-computerInternet Computer(ICP)$5.76-3.22%
  • aaveAave(AAVE)$88.16-2.83%
  • eosEOS(EOS)$1.090.48%
  • elrond-erd-2MultiversX(EGLD)$44.822.13%
  • theta-tokenTheta Network(THETA)$1.080.24%
  • tezosTezos(XTZ)$1.110.28%
  • huobi-tokenHuobi(HT)$5.759.71%
  • paxos-standardPax Dollar(USDP)$1.000.94%
  • bitcoin-cash-svBitcoin SV(BSV)$42.87-1.72%
  • havvenSynthetix Network(SNX)$2.47-6.42%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.10-3.19%
  • dashDash(DASH)$61.30-1.62%
  • iotaIOTA(MIOTA)$0.233045-0.11%
  • neoNEO(NEO)$8.813.03%
  • makerMaker(MKR)$670.53-1.22%
  • zcashZcash(ZEC)$45.91-3.25%
  • zilliqaZilliqa(ZIL)$0.0286560.42%
  • basic-attention-tokenBasic Attention(BAT)$0.267588-1.25%
  • compound-governance-tokenCompound(COMP)$53.04-5.25%
  • nemNEM(XEM)$0.0399591.00%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$37.091.62%
  • bitcoin-goldBitcoin Gold(BTG)$17.38-0.05%
  • sushiSushi(SUSHI)$1.507.60%
  • qtumQtum(QTUM)$2.74-0.95%
  • wavesWaves(WAVES)$2.59-0.94%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.2516582.37%
  • yearn-financeyearn.finance(YFI)$7,640.08-0.02%
  • omisegoOMG Network(OMG)$1.512.12%
  • ontologyOntology(ONT)$0.215033-0.23%
  • digibyteDigiByte(DGB)$0.010809-3.05%
  • umaUMA(UMA)$2.09-0.25%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%