South Africa News
South Africa has the second largest economy in Africa, with large agricultural and tourism sectors. It also has a high poverty rate and is one of the top 10 countries for income inequality. The South African population is widely diverse and South African news indicates there are numerous racial, cultural and ethnic conflicts. Still, South Africa is considered, potentially, to be one of the most developed African countries in terms of their economy, infrastructure and investment strategies. South Africa haven’t provided any legal status or regulatory framework concerning cryptocurrencies until 2018, when the South African Revenue Service released a statement, saying cryptocurrency would be a taxable object. The South African Reserve Bank is working with blockchain-based solutions provider Bankymoon to test new cryptocurrency regulations.
Despite facing hot-and-cold rules, growing crypto usage in sub-Saharan Africa is forcing regulators to reconsider the industry.
Exploring the landscape of crypto regulations in sub-Saharan Africa
African crypto adoption has exploded in 2020, prompting fears of a heavy-handed regulatory response
Booming African crypto adoption drives concerns over regulation
Africans are turning to cryptocurrencies to avoid high fees and currency instability, with transfers to and from the continent increasing 55% over the last year...
Small value crypto transfers in Africa have increased by 55%
Mirror Trading International is getting flak from regulators worldwide.
South African Regulator Warns Against Using Mirror Trading International
Crypto regulation in 2020: The U.S. tightens regulation of crypto, while India has finally allowed banks to get involved with firms.
How the US and Europe Are Regulating Crypto in 2020
VaultAge Solutions CEO has been tracked down by South African authorities and angered investors.
CEO of Alleged $16M Cryptocurrency Scam Declared Bankrupt
Investors in an alleged $17 million crypto scam are filing a lawsuit with the Port Elizabeth High Court against the CEO of VaultAge Solutions.
Investors to File Lawsuit Against CEO of Alleged $17M Cryptocurrency Scam