South Africa Plans to Regulate Crypto Trading in Phased Manner

South Africa has laid the foundation for finance watchdogs to set crypto-asset controls as the nation seeks to curb growing cases of fraud and improve the management of cross-border flows.

As digital currencies move from the periphery of the finance world to the mainstream, crypto-assets service providers have come under increased scrutiny worldwide. In Africa’s most developed economy the collapse of a Bitcoin trader late last year, alleged to be the country’s largest Ponzi scheme, and other cases of market abuse have highlighted the need for tighter rules, according to a statement by the nation’s Intergovernmental Fintech Working Group on Friday.