South African Treasury on crypto regulations: amendments to relevant laws to be finalized in 2022

02/26 07:00

Accordin to News.bitcoin, the South African Treasury says it expects the amendments to the country’s financial laws — that will see crypto asset service providers being included as accountable institutions — to be finalized in 2022. In its latest budget review document, the South African Treasury explains that the proposed amendments, which have been open for public input since June 2022, will see the FIC Act become aligned with the standards set forth by the FATF. Meanwhile, the treasury also revealed in the budget review document that it expects to see crypto assets being declared financial products under the Financial Advisory and Intermediary Services Act (FAIS). On top of amending current laws, the review document states work is also underway to have crypto assets regulated under the country’s Exchange Control Regulations of 1961. The document also reveals the South African Treasury is exploring ways “to regulate electricity‐intensive crypto mining”.

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