Cryptocurrency banks: list of the most friendly
The Reserve Bank of the Republic of South Africa (SARB) announced that it is starting the process of regulating the crypto industry and, in the first stage, obliged all service providers working with virtual currency to register..
The published advisory document says that the formation of regulations to control the cryptoasset market is necessary to protect consumers and investors, and therefore should be a priority. However, in order to avoid reputational risks, SARB decided to choose a middle path between strict restrictions or a ban and complete inaction, which is called «limited regulation».
So far, the department proposes to introduce special requirements for crypto-exchanges and wallets without setting specific requirements for obtaining permits to conduct activities, but in the future is considering the possibility making adjustments to existing regulations or introduction new.
The first stage provides for mandatory registration with regulatory authorities. Additional operators will have to report suspicious and unusual transactions in excess of $ 1800.
The South African Central Bank also recommends against recognizing cryptocurrencies as legal tender or electronic money..
The registration process is expected to begin in the first half of 2019, with full licensing likely to follow. So far, the document is at the stage of public discussion, which will last until February 15.
We also previously reported that Wyoming has a bill to allow companies to tokenize shares..
text: Ivan Malichenko, photo: profitgid