{"id":4199,"date":"2020-04-22T03:07:03","date_gmt":"2020-04-22T03:07:03","guid":{"rendered":"https:\/\/www.sygna.io\/?p=4199"},"modified":"2020-08-19T23:54:38","modified_gmt":"2020-08-19T23:54:38","slug":"south-africa-crypto-asset-regulators-ifwg-and-carwg-issue-position-paper-april-2020","status":"publish","type":"post","link":"https:\/\/www.sygna.io\/jp\/blog\/south-africa-crypto-asset-regulators-ifwg-and-carwg-issue-position-paper-april-2020\/","title":{"rendered":"South Africa&#8217;s IFWG and CAR WG Publish FATF-Compliant Crypto Asset Regulatory Framework"},"content":{"rendered":"\n<p><strong>Table of Contents<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/docs.google.com\/document\/d\/1amEkyyMAbYa6qDhGmZvtTNYtHnO0CpkIiEPonNE49nU\/edit#overview\">Overview<\/a><\/li><li><a href=\"#what-are-ifwg-and-carwg\">What are South Africa\u2019s IFWG and CAR WG?<\/a><\/li><li><a href=\"#how-south-africa-ifwg-crypto-asset-regulations-align-with-fatf-travel-rule\">How South Africa&#8217;s crypto asset regulations align with FATF<\/a><\/li><li><a href=\"#south-africa-travel-rule-for-crypto-asset-service-providers-casp\">South Africa&#8217;s &#8220;Travel Rule&#8221; for CASPs<\/a><\/li><li><a href=\"#south-africa-crypto-asset-service-provider-registration\">What is a South African crypto asset service provider (CASP)?<\/a><\/li><li><a href=\"#why-south-africa-needs-strong-crypto-asset-regulatory-framework\">Why does the RSA need a clear crypto asset regulatory framework?<\/a><\/li><li><a href=\"#carwg-crypto-asset-recommendations-south-africa\">CAR WG\u2019s 30+ crypto regulation recommendations<\/a><\/li><li><a href=\"#whats-next-for-south-african-crypto-regulation-in-2020\">What&#8217;s next for South African crypto asset regulation?<\/a><br><\/li><\/ul>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"overview\">Overview of IFWG\/CAR WG policy paper<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>South Africa\u2019s financial authorities released a lengthy <a href=\"https:\/\/www.ifwg.co.za\/wp-content\/uploads\/IFWG_CAR_WG-Position_Paper_on_Crypto_Assets.pdf\">Position Paper on Crypto Assets<\/a> on 14 April 2020. The policy paper aims to create a strong regulatory framework for crypto assets in accordance with the Financial Action Task Force\u2019s anti-money laundering and counter-terrorism funding (AML\/CFT) regulations.<\/p>\n\n\n\n<p>This comes after a 2019 study showed that <a href=\"https:\/\/news.bitcoin.com\/survey-ranks-south-africa-top-for-cryptocurrency-ownership\/\">over 10% of South African internet users<\/a> own cryptocurrencies like Bitcoin- the highest per capita in the world. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"617\" height=\"610\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/IFWG-CAR-WG-policy-paper-2020.png\" alt=\"\" class=\"wp-image-4221\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/IFWG-CAR-WG-policy-paper-2020.png 617w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/IFWG-CAR-WG-policy-paper-2020-455x450.png 455w\" sizes=\"(max-width: 617px) 100vw, 617px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The country\u2019s <a href=\"https:\/\/www.resbank.co.za\/Lists\/News%20and%20Publications\/Attachments\/9847\/IFWG%20Frequently%20asked%20questions.pdf\">Intergovernmental Fintech Working Group <\/a>(IFWG) created the 58-page position paper in a joint initiative with its Crypto Assets Regulatory Working Group (CAR WG). <\/p>\n\n\n\n<p>The document features over 30 crypto asset recommendations, ties together work done by CAR WG since 2018, and builds on its <a href=\"https:\/\/www.fic.gov.za\/Documents\/CAR%20WG%20Consultation%20paper%20on%20crypto%20assets_final.pdf\">2019 consultation paper<\/a> on crypto assets.<\/p>\n\n\n\n<p>Some of the key recommendations are:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Crypto assets in South Africa should \u201cremain without legal tender status\u201d and not be viewed as electronic money or currency.<\/li><li>Most companies offering crypto services are now considered &#8220;Crypto asset service providers (CASPs)&#8221; and must comply with FATF&#8217;s AML\/CFT measures like the <a href=\"https:\/\/www.sygna.io\/blog\/who-must-comply-with-fatf-recommendation-16-crypto-travel-rule\/\">Recommendation 16 travel rule<\/a>.<\/li><li>South Africa should adopt a unified regulatory framework that is risk-based (RBA), phased, technology-neutral, based on principles, adaptive and resilient.&nbsp;<\/li><li>Authorities should take a \u201cclear stance\u201d against the current lack of South African crypto asset regulations to mitigate the threat that cryptocurrencies pose to the financial system.<\/li><li>The paper defines both crypto assets and types of CASPs that will be obligated to register with the Financial Intelligence Center (FIC) as regulated <a href=\"https:\/\/www.puleinc.co.za\/publications\/example-publication\/\">\u201caccountable institutions\u201d<\/a> (similar to the <a href=\"https:\/\/www.sygna.io\/blog\/what-is-amld5-anti-money-laundering-directive-five-a-guide\/#what-is-an-eu-obliged-entity\">AMLD5\u2019s \u201cobliged entities\u201d<\/a>) under its <a href=\"https:\/\/www.gov.za\/sites\/default\/files\/gcis_document\/201409\/337811104.pdf\">Financial Intelligence Centre Act (Schedule 1).<\/a><\/li><\/ol>\n\n\n\n<p>The <a href=\"http:\/\/www.treasury.gov.za\/comm_media\/press\/2019\/CAR%20WG%20Consultation%20paper%20on%20crypto%20assets_final.pdf\">policy paper<\/a> is now open for comments from the public and stakeholders until 15 May 2020, after which it may be amended and sent to the Minister of Finance for final approval before it makes its way before Parliament.&nbsp;<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">South Africa&#8217;s Regulatory Working Groups<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"what-are-ifwg-and-carwg\">What is the Intergovernmental Fintech Working Group (IFWG)?<\/h3>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/Sygna_twitter-copy.png\" alt=\"south african flag with bitcoin\" class=\"wp-image-4213\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/Sygna_twitter-copy.png 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/Sygna_twitter-copy-600x300.png 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/Sygna_twitter-copy-768x384.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>South Africa\u2019s Intergovernmental Fintech Working Group (IFWG) was formed in 2016 to help regulators and lawmakers take a risk-based approach to fintech developments and gain a \u201ccommon understanding\u201d of possible implications on its financial industry and economy.&nbsp;<\/p>\n\n\n\n<p>IFWG members include teams from the <a href=\"https:\/\/www.resbank.co.za\/RegulationAndSupervision\/FinancialSurveillanceAndExchangeControl\/FAQs\/Pages\/VirtualCurrenciesCryptocurrencies.aspx\">South African Reserve Bank<\/a> (SARB), <a href=\"http:\/\/www.treasury.gov.za\/\">National Treasury<\/a> (NT), <a href=\"https:\/\/www.fic.gov.za\/Pages\/Home.aspx\">Financial Intelligence Centre<\/a> (FIC), <a href=\"https:\/\/www.fsca.co.za\/Pages\/Default.aspx\">Financial Sector Conduct Authority<\/a> (FSCA), National Credit Regulator (NCR) and <a href=\"https:\/\/www.sars.gov.za\/Media\/MediaReleases\/Pages\/6-April-2018---SARS-stance-on-the-tax-treatment-of-cryptocurrencies-.aspx\">South African Revenue Service<\/a> (SARS).<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">What is the Crypto Asset Regulatory Work Group (CAR WG)?&nbsp;<\/h3>\n\n\n\n<p>In 2018, IFWG members launched the <a href=\"https:\/\/cointelegraph.com\/news\/south-african-government-establishes-crypto-assets-regulatory-working-group\">Crypto Asset Regulatory Work Group<\/a> (CAR WG) to help RSA regulators <a href=\"https:\/\/www.ifwg.co.za\/wp-content\/uploads\/IFWG_CAR_WG-Position_Paper_on_Crypto_Assets.pdf\">\u201cformulate a coherent and comprehensive policy stance on crypto assets\u201d <\/a>whilst keeping its financial markets stable, protecting customers and deterring ML\/TF cross-border financial flows.&nbsp;<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-south-africa-ifwg-crypto-asset-regulations-align-with-fatf-travel-rule\">How South Africa&#8217;s crypto assets regulations align with FATF&#8217;s Recommendations 15 and 16<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"362\" height=\"267\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Korea-crypto-act-FATF.png\" alt=\"\" class=\"wp-image-3690\"\/><\/figure><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The CAR WG paper references, in particular, the global AML watchdog Financial Action Task Force (FATF)\u2019s Recommendation 16 (Wire transfers) and Recommendation 15 (New Technologies). South Africa is a member of both the FATF and its FATF-style regional body ESAAMLG.&nbsp;<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"south-africa-travel-rule-for-crypto-asset-service-providers-casp\">South Africa proposes FATF Recommendation 16 travel rule for CASPs<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The FATF has set a June 2020 deadline for countries to introduce measures that forces domestic virtual asset service providers (VASPs) to adhere to its <a href=\"https:\/\/www.sygna.io\/blog\/what-is-fatf-recommendation-16-for-vasps\/\">Recommendation 16 \u201ctravel rule\u201d<\/a>, a difficult new technical requirement that forces crypto exchanges to share beneficiary and originator transmittal information with counterparties.&nbsp;The term \u201cCASP\u201d is South Africa\u2019s equivalent for FATF\u2019s \u201cVASP\u201d. <\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>(To learn more about the Sygna Bridge R16 Travel Rule solution<a href=\"https:\/\/www.sygna.io\/bridge\/\">,<\/a> <a href=\"https:\/\/www.sygna.io\/bridge\/\">click here<\/a>)<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1030\" height=\"512\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/08\/BridgeOverview-1030x512.png\" alt=\"Sygna Bridge's API solution helps CASPs comply with Recommendation 16\" class=\"wp-image-1237\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/08\/BridgeOverview-1030x512.png 1030w, https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/08\/BridgeOverview-300x149.png 300w, https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/08\/BridgeOverview-768x382.png 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/08\/BridgeOverview-1500x746.png 1500w, https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/08\/BridgeOverview-705x351.png 705w, https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/08\/BridgeOverview-450x224.png 450w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" \/><figcaption><a href=\"http:\/\/sygna.io\/bridge\">Sygna Bridge&#8217;s API solution helps CASPs comply with Recommendation 16<\/a><\/figcaption><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>RSA regulators demonstrated their commitment to comply with FATF\u2019s Recommendation 16, by including a section in the position paper that nearly mirrors the G20 AML watchdog\u2019s official guidance.&nbsp;<\/p>\n\n\n\n<p><strong>According to section 8.4.2.2 of the CAR WG paper:<\/strong><\/p>\n\n\n\n<p>\u201cCASPs will be required to implement Recommendation 16 (\u2018the travel rule\u2019) of the FATF Recommendations.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>The originating CASP should obtain, and hold, required and accurate originator information as well as required and accurate beneficiary information of the crypto asset transaction, submit this information to the beneficiary CASP or another obliged entity, and make this information available on request to the appropriate regulatory and\/or law enforcement authorities.&nbsp;<\/em><\/p><p><em>The beneficiary CASP should obtain, and hold, required and accurate originator information as well as required and accurate beneficiary information of the crypto asset transaction, and make this information available to the appropriate regulatory and\/or law enforcement authorities if and when requested to do so.&nbsp;<\/em><\/p><cite>CAR WG&#8217;s position paper on Crypto Assets, April 2020<\/cite><\/blockquote>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"south-africa-crypto-asset-service-provider-registration\">What are South African Crypto Asset Service Providers (CASPs)?<\/h2>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"999\" height=\"562\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south-africa-crypto-regulations-bitcoin-news.jpg\" alt=\"south africa, people holding bitcoin\n\" class=\"wp-image-4226\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south-africa-crypto-regulations-bitcoin-news.jpg 999w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south-africa-crypto-regulations-bitcoin-news-600x338.jpg 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south-africa-crypto-regulations-bitcoin-news-768x432.jpg 768w\" sizes=\"(max-width: 999px) 100vw, 999px\" \/><figcaption><a href=\"https:\/\/news.bitcoin.com\/survey-ranks-south-africa-top-for-cryptocurrency-ownership\/\">Source: Bitcoin News<\/a><\/figcaption><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">6 Types of SA CASPs to be regulated<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The CAR WG&#8217;s April 2020 report identifies 6 types of crypto asset businesses who must register as Crypto Asset Service Providers (CASPs) in accordance with the <a href=\"https:\/\/www.fatf-gafi.org\/publications\/fatfrecommendations\/documents\/public-statement-virtual-assets.html\">FATF\u2019s Recommendation 15 on New Technologies<\/a>.:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Trading platforms (CATPs) who buy, sell, trade, convert, remit, or exchange crypto to crypto or fiat, and vice versa.<\/li><li>Vending machine provider: intermediary service to buy and sell crypto assets<\/li><li>Token issuer: ICO and stablecoin issuers<\/li><li>Fund\/ derivative service provider: Companies that offer investment funds or derivatives with crypto assets as the underlying asset.<\/li><li>Custodial digital wallet provider:  Software-based products that store users&#8217; private and public keys needed to manage and control their crypto assets.  <\/li><li>Custodial service provider: Entities that store, protect or maintain custody of another party&#8217;s crypto assets.<\/li><\/ol>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">How must registered CASPs comply with the FIC Act?<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>CASPs will be treated as \u201c<a href=\"https:\/\/www.gov.za\/sites\/default\/files\/gcis_document\/201409\/337811104.pdf\">accountable institutions\u201d,<\/a> similar to banks and traditional financial institutions, and will have to ensure they report cash transactions over R25,000, conduct strong Know-Your-Customer (KYC) and customer due diligence (CDD) checks on their users. CASPs will have to monitor and report suspicious transactions and keep accurate records.<\/p>\n\n\n\n<p>If not, CASPs face <a href=\"https:\/\/businesstech.co.za\/news\/finance\/389643\/new-framework-for-regulating-bitcoin-and-other-cryptocurrencies-in-south-africa\/\">administrative penalties<\/a> by the FIC or stronger measures by authorities.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why-south-africa-needs-strong-crypto-asset-regulatory-framework\">Why does South Africa need a strong crypto asset regulatory framework?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The CAR WG\u2019s latest report aims to establish a strong regulatory framework in the RSA. This is to align South Africa with international anti-money laundering and counter-terrorism funding (AML\/CFT) measures such as the <a href=\"https:\/\/www.sygna.io\/blog\/what-is-the-financial-action-task-force-fatf\/\">Financial Action Task Force<\/a> (FATF)\u2019s crypto <a href=\"https:\/\/www.sygna.io\/blog\/who-must-comply-with-fatf-recommendation-16-crypto-travel-rule\/\">\u201ctravel rule\u201d <\/a>(discussed in the next section).<\/p>\n\n\n\n<p>In the position paper, the IFWG justified their strict measures as follows:<\/p>\n\n\n\n<p><em>\u201cCrypto assets and the various activities associated with this innovation can no longer remain outside of the regulatory perimeter.\u201d<\/em><\/p>\n\n\n\n<p>South African authorities are especially concerned with the unchecked domestic spiking of crypto-asset ownership and transacting. These increasing unregulated activity can expose the African regional leader to various financial and political risks that it can ill afford and scupper <a href=\"https:\/\/www.baselgovernance.org\/sites\/default\/files\/2019-08\/Basel%20AML%20Index%202019.pdf\">recent improvements<\/a> in mitigating AML\/CFT risks. <\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Drivers for better crypto asset regulation<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The position paper lists a few factors that drive the need for more tightly-knit regulation, as crypto assets:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>operate \u201cwithin a regulatory void\u201d as no \u201charmonized\u201d global laws have been established<\/li><li>may affect the country\u2019s financial sector<\/li><li>may create risky conditions for regulatory arbitrage&nbsp;<\/li><li>may become systemic, as the crypto asset sphere evolves<\/li><\/ul>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">CAR WG&#8217;s associated risks with crypto assets<\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The Crypto Asset Regulatory Working Group also identifies numerous <a href=\"https:\/\/businesstech.co.za\/news\/finance\/389643\/new-framework-for-regulating-bitcoin-and-other-cryptocurrencies-in-south-africa\/\">cryptocurrency-associated risks<\/a>:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Risk of a parallel, fragmented, non-sovereign monetary system being created<\/li><li>Lack of consumer protection, market inefficiency, and integrity risks<\/li><li>Undefined legal and regulatory framework<\/li><li>Illegal financial purchases and flows<\/li><li>Money laundering and terrorism financing (ML\/TF)<\/li><li>Circumvention of exchange control regulations<\/li><li>Market conduct risks posed by unregulated CASPs, such as Ponzi schemes, false advertising, and market manipulation<\/li><li>Several risks with ICOs, such as exit scams, failure, and unregulated frameworks<\/li><li>Risk of tax evasion<\/li><li>Operational risk, such as cybersecurity threats<\/li><li>Risk of tax evasion and a less effective national payment system<\/li><\/ol>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Which type of crypto use cases are targeted?&nbsp;<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Crypto assets are defined by CAR WG as:<\/p>\n\n\n\n<p>\u201ca digital representation of value that is not issued by a central bank, but is traded, transferred and stored electronically by natural and legal persons for the purpose of payment, investment and other forms of utility, and applies cryptography techniques in the underlying technology.\u201d&nbsp;<\/p>\n\n\n\n<p>The position paper covers five distinct use cases for crypto assets, namely:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>buying and\/or selling of crypto assets by consumers and legal persons;&nbsp;<\/li><li>paying for goods and services with crypto assets;&nbsp;<\/li><li>Initial Coin Offerings (ICOs);&nbsp;<\/li><li>crypto asset funds and derivatives;&nbsp;<\/li><li>crypto asset market support services.<\/li><\/ul>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"carwg-crypto-asset-recommendations-south-africa\">CAR WG&#8217;s 30+ crypto asset regulation recommendations<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"512\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/Sygna_twitter-3.png\" alt=\"south africa crypto asset regulation\" class=\"wp-image-4214\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/Sygna_twitter-3.png 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/Sygna_twitter-3-600x300.png 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/Sygna_twitter-3-768x384.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The IFWG policymakers divides their 30+ recommendations for the implementation of new crypto asset regulations into 9 themes. Below are some of the most important proposals.<\/p>\n\n\n\n<p><strong>Theme 1: AML\/CFT regulatory regime implementation (FIC &amp; NT; 6-9 months)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Align regulations with the FATF Standards\u2019 recommendations<\/li><li>An amended FIC Act section 1 to include CASPs as \u201caccountable institutions\u201d<\/li><li>CASP must register with FIC and follow their regulatory requirements<\/li><\/ul>\n\n\n\n<p><strong>Theme 2: Monitoring and analysis program implemented for crypto assets (IFWG and CAR WG, 6-9 months)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Establish a reporting framework, data points, and platform for Crypto Asset Trading Platforms (CATPs)&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Theme 3: Confirm legal status, prudential treatment, FMI interaction and taxing of crypto assets<\/strong> <strong>(SARS, SARB, NT and FIC)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Crypto assets should not be considered as currency, legal tender or electronic money, as per the position paper of 2014.<\/li><li>As the Prudential Authority, SARB should consider the appropriate regulatory and supervisory approach for the treatment of crypto assets for prudential entities and receive guidance from the BIS Basel Committee on Banking Supervision. (6-9 months)<\/li><li>SARS and the NT should consider adopting a uniform definition of crypto assets<\/li><li>SARB and FSCA must consider an appropriate policy stance on how crypto assets can be allowed to interact with financial market infrastructures (FMIs) (3-6 months)<\/li><\/ul>\n\n\n\n<p><strong>Theme 4: Implementing a licensing and supervisory regime for crypto assets <\/strong>(<strong>FSCA and NT<\/strong>; <strong>9-12 months<\/strong>)<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Crypto assets to be declared a financial service, and included in the licensing activities under the <a href=\"https:\/\/www.moonstone.co.za\/cofi-bill-aims-to-strengthen-regulation-customer-treatment-and-general-market-conduct\/\">Conduct of Financial Institutions (COFI) Bill.<\/a>&nbsp;<\/li><li>CASPs must obtain a license from the FSCA and implement regulatory requirements<\/li><\/ul>\n\n\n\n<p><strong>Theme 5: Cross-border regulatory framework implementation(SARB; 9-12 months)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>SARB\u2019s Financial Surveillance Department should be responsible for monitoring cross-border financial flows related to crypto assets<\/li><li>SARB should develop a process and system to help report crypto asset transactions.<\/li><li>Crypto assets should be defined as capital<\/li><li>Crypto asset trading platforms (CATPs) must get authorization from the SARB and implement regulatory requirements.<\/li><\/ul>\n\n\n\n<p><strong>Theme 6: Payment system provider framework for crypto assets (SARB; 6-9 months)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Under review<\/li><\/ul>\n\n\n\n<p><strong>Theme 7: Framework for initial coin offering (ICO) tokens (FSCA and NT; dependent on token type and reviews)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>ICO issuances must be defined in terms of the specific token issued as a security, payment\/exchange, or utility token.<\/li><\/ul>\n\n\n\n<p><strong>Theme 8: Framework for crypto assets as derivative instruments (FSCA and NT; 9-12 months<\/strong>)<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Crypto assets should be allowed as underlying assets for alternative investment funds and derivative instruments.<\/li><\/ul>\n\n\n\n<p><strong>Theme 9: Framework for crypto asset market support services (FSCA and NT)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>CASPs that provide safe custody and custodial digital wallets will be considered to provide financial services.<\/li><\/ul>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"whats-next-for-south-african-crypto-regulation-in-2020\">What&#8217;s next for South African crypto asset regulation in 2020?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The position paper\u2019s recommendation will be submitted to the Minister of Finance for approval. Next, draft amendments will be published where the public can comment for 60 days.<\/p>\n\n\n\n<p>Following the consideration of public comments, amendments will be reviewed and redrafted, then sent to the Minister of Finance for final approval, after which the process to get approval from Parliament will commence.<\/p>\n\n\n\n<p>Following the very likely parliamentary approval of the country\u2019s leading regulators\u2019 recommendations, the Minister of Finance will publish the latest amendments in the Government Gazette.<\/p>\n\n\n\n<p>Importantly for South African crypto asset service providers and users, the policy paper, while strict, should finally provide a clear regulatory landscape that should be FATF-compliant and become gradually more appealing for risk-averse institutional investors.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Africa&#8217;s regulatory groups IFWG and CAR WG have published a comprehensive position paper on crypto asset regulations, including FATF&#8217;s travel rule<\/p>\n","protected":false},"author":12,"featured_media":4214,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,20,26,37],"tags":[],"class_list":["post-4199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recommendation-16","category-fatf","category-news","category-blog-posts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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