Regulatory authority claims that South Africa will reveal regulatory framework for cryptocurrencies in early 2022 - regulation
Regulatory authority claims that South Africa will reveal regulatory framework for cryptocurrencies in early 2022 - regulation
in early 2022 South Africa will have a new regulatory framework that covers cryptocurrencies, said a commissioner of a regulatory authority.
high -risk -rich products
The South African regulatory authority for the financial sector, the Financial Sector Conduct Authority (FSCA), will present a new regulatory framework for cryptocurrencies in early 2022
According to Unathi Kamlana, a commissioner of the FSCA, the new framework will determine what the trade with cryptoma coins will look like bitcoin (btc) . In his explanations during a , said Kamlana, his organization was Not interested in legitimizing high -risk products. The Commissioner said:
We would like to be able to intervene if we believe that potential customers receive products that they do not understand and that are potentially very risky. We have to be very careful not only to legitimize them.
The FSCA, which according to reports together with other supervisory authorities, processes the rules for crypto trading, will also investigate how the currencies interact with traditional financial products and whether they are a threat to financial stability.
cryptos are not a systemic risk
Nevertheless, Kamlana claims in his statements that cryptocurrencies are not yet systemic risk to the stability of the financial services sector. However, the commissioner said the FSCA sees cryptos as assets and not as a currency.
In the meantime, Kamlana asked the South Africans to avoid privately issued/created digital currencies with the attitude of several countries, which are not as stable and reliable as stable coins issued by central banks.
"I think if I would give private investors advice, I would say, wait and see what will become of the work of the central bank. The best result in terms of stable coins is what is due to their reliability and stability of innovations of the central banks," said Kamlanka.
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