According to the statements made by the Deputy Governor of the Central Bank, South Africa is preparing to legally regulate the use of cryptocurrencies.
Kuben Naidoo, speaking during a webinar, “Our view has changed over time. We now see[cryptocurrencies]as financial assets and hope to regulate them accordingly.” said,
Cryptocurrency market “a big flow of money” The Vice President, who said that “it is a necessity to be regulated and made part of the mainstream” stressed that.
Authorities in South Africa need to comprehensively regulate the cryptocurrency market. It can take between 12 and 18 months. is thinking. However, according to the Central Bank Deputy Governor, especially know-your-customer (KYC) and licensing Some regulations may be implemented in a shorter time than this.
Naidoo, while these regulations are not fully in place, “that they can start licensing exchanges” told.
The statements made by Naidoo show that some studies have been carried out in the country on how crypto currency trading platforms should be regulated. Naidoo as central bank “They are very close to achieving a conclusion on how the stock markets will be controlled and what obligations they will have” told.