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.
Authorities in South Africa are warning investors to be wary of scams amid the current crypto bull market.
South African regulators issue fresh crypto investment warning
The Financial Sector Conduct Authority is demanding tighter regulatory control over cryptocurrency.
Scams are driving South African authorities to regulate crypto trading
Liquidators of the embattled Mirror Trading International want a deeper probe of the alleged Bitcoin multi-level marketing scheme.
Liquidators seek expanded probe of alleged South African Bitcoin scheme
As access to crypto spreads across Africa, blockchain could be crucial in improving cross-border payments and settlement systems.
Can blockchain make a difference? Africa sees vast monetary potential
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%