{"id":4257,"date":"2020-04-27T23:58:00","date_gmt":"2020-04-27T23:58:00","guid":{"rendered":"https:\/\/www.sygna.io\/?p=4257"},"modified":"2020-08-20T00:18:59","modified_gmt":"2020-08-20T00:18:59","slug":"south-africas-crypto-asset-service-providers-casps-to-comply-with-fatfs-r-16-travel-rule","status":"publish","type":"post","link":"https:\/\/www.sygna.io\/zh-hant\/blog\/south-africas-crypto-asset-service-providers-casps-to-comply-with-fatfs-r-16-travel-rule\/","title":{"rendered":"South Africa&#8217;s Crypto Asset Service Provider (CASP) Regulation To Align with FATF Standards and Travel Rule"},"content":{"rendered":"\n<p><strong>Table of Contents<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong><a href=\"#introduction\">Introduction<\/a><\/strong><\/li><li><strong><a href=\"#south-africa-crypto-industry-aligns-with-FATF-standards\"><span style=\"text-decoration: underline;\">SA crypto asset industry to align with FATF Standards<\/span><\/a><\/strong><\/li><li><strong><a href=\"#recommendation-16-south-africa-casp-travel-rule\">R. 16: South Africa&#8217;s CASP Travel Rule<\/a> <\/strong><\/li><li><strong><a href=\"#south-africa-crypto-asset-service-provider-licensing-recommendation-15\">R. 15: Regulation of Crypto Asset Service Providers (CASPs)<\/a><\/strong><\/li><li><strong><a href=\"#what-user-information-must-south-african-casps-share\">What user information must CASPs share?<\/a><\/strong><\/li><li><strong><a href=\"#conclusion\">Conclusion<\/a><\/strong><\/li><\/ul>\n\n\n\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"introduction\">Introduction<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In June 2020, South Africa&#8217;s Finance Minister Mr. Tito Mboweni published long-awaited proposed amendments to the country&#8217;s<a href=\"http:\/\/www.treasury.gov.za\/publications\/other\/Consultation%20document%20Schedules%201%202%20%203%20for%20submission%20to%20Min.pdf\"> Financial Intelligence Centre Act (FICA or FIC Act)<\/a>. The proposal aims to update South Africa&#8217;s cryptocurrency regulatory framework and bring it in line with the<a href=\"https:\/\/www.sygna.io\/blog\/what-is-the-financial-action-task-force-fatf\/\"> Financial Action Task Force<\/a> (FATF)&#8217;s Standards on virtual asset and virtual asset servicer provider (VASP) regulation.<\/p>\n\n\n\n<p>The FATF Standards, updated in June 2019 to onboard the so-called FATF Travel Rule (which obliges VASPs to share transmittal data with counterparties) sets a global playbook for anti-money laundering (AML) and combats the financing of terrorism (CFT) to which each of its 200 jurisdictions must adhere.<\/p>\n\n\n\n<p>The new changes to the FIC Act (established in 2001 to help AML\/CFT in South Africa) adds sizeable AML compliance requirements to the plate of South African crypto companies operating both in and outside the country.<\/p>\n\n\n\n<p>To ensure that VASPs, referred to as crypto asset service providers (CASPs) in South Africa<a href=\"https:\/\/www.sygna.io\/blog\/japan-crypto-asset-regulation-guide\/\"> (and Japan)<\/a>, are properly regulated, they will be required to register as an &#8220;accountable institution&#8221; with the Financial Intelligence Centre (FIC) and undertake specific duties to comply with FICA.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">IFWG&#8217;s Position Paper on Crypto Assets (March 2020)<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Mr. Mboweni&#8217;s proposed amendments <a href=\"https:\/\/businesstech.co.za\/news\/banking\/416033\/south-africa-takes-steps-to-regulate-bitcoin-and-other-cryptocurrencies\/\">(discussed here) <\/a>comes after March 2020&#8217;s  <a href=\"https:\/\/www.sygna.io\/blog\/south-africa-crypto-asset-regulators-ifwg-and-carwg-issue-position-paper-april-2020\/\">58-page<\/a> framework on crypto regulation was published to help regulate CASPs. It is still under review. <\/p>\n\n\n\n<p>The Intergovernmental Fintech Working Group (IFWG)&#8217;s new <a href=\"https:\/\/www.fic.gov.za\/Documents\/IFWG%20Position%20Paper%20on%20Crypto%20Assets.pdf\">Position Paper on Crypto Assets<\/a>, created by its Crypto Assets Regulatory Working Group (CAR WG), offers over 30 recommendations to help establish a strict new regulatory framework for crypto assets that&#8217;s in line with global new anti-money laundering (AML) and combating-terrorism-funding (CFT) regulatory measures.<\/p>\n\n\n\n<p>The paper divides crypto-dealing companies into 6 types of South African CASPs that will be required to register with financial authorities and comply with traditional financial regulations as &#8220;accountable institutions&#8221;. <\/p>\n\n\n\n<p>The IFWG and CAR WG are policymaking collectives appointed by the country&#8217;s financial authorities, and include the South African Reserve Bank (SARB), Treasury and Financial Intelligence Centre (FIC).<\/p>\n\n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/South-Africa-IFWG-members.png\" alt=\"\" class=\"wp-image-4263\" width=\"545\" height=\"293\"\/><figcaption>The Intergovernmental Fintech Working Group&#8217;s members<\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:34px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"south-africa-crypto-industry-aligns-with-FATF-standards\">South Africa\u2019s Crypto Asset Regulations Align with FATF 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<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"858\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-1024x858.png\" alt=\"\" class=\"wp-image-3124\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-1024x858.png 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-537x450.png 537w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-768x643.png 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-1536x1287.png 1536w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-300x251.png 300w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-1030x863.png 1030w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-1500x1257.png 1500w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-705x591.png 705w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB-450x377.png 450w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/02\/FATF409_FB.png 1960w\" 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>South Africa is a member of both the FATF and its <a href=\"https:\/\/www.sygna.io\/blog\/fatf-style-regional-bodies-fsrbs\/\">FATF-style regional body<\/a> the Eastern and Southern Africa Anti-Money Laundering Group (<a href=\"https:\/\/www.sygna.io\/blog\/fatf-style-regional-bodies-fsrbs\/\">ESAAMLG<\/a>) and is therefore obligated to implement its <a href=\"https:\/\/www.sygna.io\/blog\/what-is-the-financial-action-task-force-fatf\/#fatf-40-recommendations\">40+9 Recommendations.<\/a> <\/p>\n\n\n\n<p>In 2019 the FATF and ESAAMLG did an on-site visit of South Africa as part of the country&#8217;s <a href=\"https:\/\/ice3x.co.za\/financial-action-task-force-fatf-south-africa\/\">4th Mutual Evaluation Report (MER),<\/a> the first since 2009, and would&#8217;ve discussed their findings at the FATF plenary in June 2020. Due to the COVID-19 pandemic, the MER review has now been tabled until October 2020. <\/p>\n\n\n\n<p>In particular, the CAR WG regulatory paper builds on two of the FATF\u2019s most vital virtual asset-facing guidances:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Recommendation 15 (New Technologies),<\/strong> amended in 2019 to include virtual assets and virtual asset service providers (VASPs), known as CASPs in South Africa.<\/li><li><strong>Recommendation 16 (Wire transfers), <\/strong>amended in 2020 to include a \u201ctravel rule\u201d, which forces countries to ensure their VASPs share beneficiary and originator transmittal information with counterparts<\/li><\/ul>\n\n\n\n<p>Various private Recommendation 16 solutions are currently in development, such as <a href=\"https:\/\/www.sygna.io\/bridge\/\">Sygna Bridge<\/a>\u2019s network alliance for exchanges (currently being integrated by exchanges in Japan, Korea, Taiwan and Canada).<\/p>\n\n\n\n<div style=\"height:25px\" 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=\"1024\" height=\"439\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/sygna-bridge-gif-1024x439.gif\" alt=\"\" class=\"wp-image-4276\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/sygna-bridge-gif-1024x439.gif 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/sygna-bridge-gif-600x257.gif 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/sygna-bridge-gif-768x329.gif 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption><a href=\"http:\/\/sygna.io\/bridge\">Sygna Bridge&#8217;s Travel Rule solution<\/a><\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:44px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"recommendation-16-south-africa-casp-travel-rule\">What is South Africa\u2019s FATF &#8220;Travel Rule&#8221; for Crypto Asset Service Providers?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>In 2019 the FATF set a June 2020 deadline for its 200+ member countries to establish and implement frameworks that ensure their VASPs comply with the <a href=\"https:\/\/www.sygna.io\/blog\/what-is-fatf-recommendation-16-for-vasps\/\">Recommendation 16 \u201ctravel rule\u201d<\/a>. <\/p>\n\n\n\n<p>South African policymakers have now demonstrated their intent to ensure CASPs comply with the R.16 update by including passages in the IFWG paper that acknowledge this requirement and mirrors the G20 AML watchdog\u2019s official guidance nearly verbatim.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cCASPs will be required to implement Recommendation 16 (\u2018the travel rule\u2019) of the FATF Recommendations.&#8221;<\/p><\/blockquote>\n\n\n\n<p>Both the originator (sender) CASP and beneficiary (recipient) CASP should collect and keep &#8220;required and accurate&#8221; originator and beneficiary crypto asset transmittal information, and share this with relevant authorities when needed.<\/p>\n\n\n\n<p>Originator CASPs should also submit personally identifiable information (PII), to their beneficiary counterparties. <\/p>\n\n\n\n<p><strong>According to section 8.4.2.2 of the CAR WG&#8217;s <\/strong><a href=\"https:\/\/www.fic.gov.za\/Documents\/IFWG%20Position%20Paper%20on%20Crypto%20Assets.pdf\">Position Paper on Crypto Assets<\/a><strong>:<\/strong><\/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><\/blockquote>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What Personally Identifiable Information (PII) should CASPs share?<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The originator VASP must share the following sender information with the beneficiary VASP: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Originator\u2019s name (customer)<\/li><li> Originator account number used to process the transaction<\/li><li> Unique identifiable information such as either a residential address, national identity number or date, and place of birth.<\/li><\/ul>\n\n\n\n<p>The beneficiary VASP must share the following recipient information with the originator VASP:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Beneficiary name (customer)<\/li><li> Beneficiary account number used to process the transaction<\/li><\/ul>\n\n\n\n<div style=\"height:25px\" 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=\"1024\" height=\"512\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Graphic_Nov.20_twitter-2-1024x512.png\" alt=\"FATF recommendation 16 for CASPs\" class=\"wp-image-3636\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Graphic_Nov.20_twitter-2-1024x512.png 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Graphic_Nov.20_twitter-2-600x300.png 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Graphic_Nov.20_twitter-2-768x384.png 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Graphic_Nov.20_twitter-2-1536x768.png 1536w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/03\/Graphic_Nov.20_twitter-2-2048x1024.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>What R.16 travel rule information should CASPs share?<\/figcaption><\/figure><\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Recommendation 16&#8217;s travel rule poses many technical and privacy-related <a href=\"https:\/\/www.sygna.io\/blog\/8-compliance-challenges-fatfs-r-16-pose-to-vasps\/\">compliance challenges<\/a> that CASPs will have to deal with. <\/p>\n\n\n\n<p>However, its implementation should help the crypto industry better protect its customers against scams and hacks and gain interest from institutional and mainstream investors.<\/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=\"768\" height=\"513\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/12\/GettyImages-957363150-5c34d715c9e77c0001e61fa3.jpg\" alt=\"hacker using a laptop\" class=\"wp-image-2432\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/12\/GettyImages-957363150-5c34d715c9e77c0001e61fa3.jpg 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/12\/GettyImages-957363150-5c34d715c9e77c0001e61fa3-300x200.jpg 300w, https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/12\/GettyImages-957363150-5c34d715c9e77c0001e61fa3-705x471.jpg 705w, https:\/\/www.sygna.io\/wp-content\/uploads\/2019\/12\/GettyImages-957363150-5c34d715c9e77c0001e61fa3-450x301.jpg 450w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/figure>\n\n\n\n<div style=\"height:37px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"south-africa-crypto-asset-service-provider-licensing-recommendation-15\">FATF Recommendation 15: Which companies will be regulated as CASPs?<\/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 further advocates that the following types of companies who deliver crypto services should be regulated as 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<figure class=\"wp-block-table\"><div class=\"table-responsive\"><table><tbody><tr><td><strong>1. Crypto asset trading platform&nbsp;<\/strong><br>(or any&nbsp;other entity performing these services)<\/td><\/tr><tr><td><em>Companies who provide: <br>1) intermediary buyer\/seller services of crypto assets; <br>2) the trading, conversion or exchange of fiat currency or other value into crypto assets, <br>3)  the trading, conversion or exchange of crypto assets into  fiat currency or other value<br>4) or conversion or exchange of crypto assets into other crypto assets; and <br>5) remittance services using crypto assets as a means of facilitating credit transfers(remitter or value transfer provider).<\/em><\/td><\/tr><tr><td><strong>2. Crypto asset vending machine provider&nbsp;<\/strong><\/td><\/tr><tr><td><em>Providing intermediary services for the buying and selling of crypto assets (including any of the above-mentioned services).<\/em><\/td><\/tr><tr><td>3. <strong>Crypto asset token issuer<\/strong><\/td><\/tr><tr><td><em>CASPs conducting token issuances, including:<br>&#8211; ICOs;<br>&#8211; the issuance of stablecoins;<br>&#8211; the issuance of global stablecoins;<br>&#8211; participating in and providing financial services related to an issuer\u2019s offer or sale of crypto assets.<\/em><\/td><\/tr><tr><td><strong>4. Crypto asset fund or derivative service provider<\/strong><\/td><\/tr><tr><td><em>These are entities offering investment funds or derivative products with crypto assets as the underlying asset.<\/em><\/td><\/tr><tr><td><strong>5. Crypto asset digital wallet provider (custodial wallet)<\/strong><\/td><\/tr><tr><td><em>Entities that offer software programs that store private and public crypto keys used to interact with various digital protocols that allow the user to send and receive crypto assets, monitor balances and control the customers\u2019 crypto assets.<\/em><\/td><\/tr><tr><td><strong>6.Crypto asset safe custody service provider (custodial service)<\/strong><\/td><\/tr><tr><td><em>These entities safeguard, store, hold or maintain custody of crypto assets belonging to another party.<\/em><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\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=\"what-user-information-must-south-african-casps-share\">What will the FIC Act require from South African CASPs?<\/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=\"999\" height=\"562\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south-africa-crypto-regulations-bitcoin-news.jpg\" alt=\"\" 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\" \/><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>CASPs will be treated as \u201caccountable institutions\u201d, similar to banks and traditional financial institutions, and will have to ensure they:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Report cash transactions exceeding R25,000 ( or applicable limit)<\/li><li>Conduct know-your-customer (KYC) identification and verification<\/li><li>Follow customer due diligence (CDD) requirements<\/li><li>Keep accurate records of users and transactions<\/li><li>Monitor unusual user activity and file Suspicious Activity Reports (SARs)<\/li><li>Report any possible terrorism funding (TF) activities<\/li><\/ul>\n\n\n\n<p>Failure to do so can incur <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.<\/p>\n\n\n\n<div style=\"height:39px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\">Conclusion <\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>To avoid increased monitoring by the FATF and the possibility of attracting more money launderers, terrorism financiers, and other financial criminals, it has been a high priority for South African authorities to take action and create a resilient regulatory AML\/CFT framework to govern crypto assets and mitigate its risks.<\/p>\n\n\n\n<p>Building on the Treasury and SARB\u2019s <a href=\"http:\/\/www.treasury.gov.za\/comm_media\/press\/2019\/CAR%20WG%20Consultation%20paper%20on%20crypto%20assets_final.pdf\">2014 initial public statement<\/a> on virtual currencies and their<a href=\"https:\/\/www.bizcommunity.com\/Article\/196\/512\/186796.html\"> 2019 consultation pape<\/a>r on crypto asset reforms, there is no question now that South Africa\u2019s financial authorities have thrown their full weight behind the comprehensive domestic regulation of virtual assets.&nbsp;<\/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=\"1024\" height=\"683\" src=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south_african_rand-1024x683.jpg\" alt=\"South African bank notes\" class=\"wp-image-4285\" srcset=\"https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south_african_rand-1024x683.jpg 1024w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south_african_rand-600x400.jpg 600w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south_african_rand-768x512.jpg 768w, https:\/\/www.sygna.io\/wp-content\/uploads\/2020\/04\/south_african_rand.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption>Source: CIO.com<\/figcaption><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>While crypto assets are not considered legal tender in the RSA, the Reserve Bank has <a href=\"https:\/\/businesstech.co.za\/news\/banking\/337333\/sa-reserve-bank-looking-at-new-digital-rand\/\">publically declared<\/a> its plans for a future digital Rand and it can be assumed that a South African central bank digital currency (CBDC) is not too far off.<\/p>\n\n\n\n<p>Up to now, the regulatory uncertainty in South Africa has created a tense standoff between CASPs and financial institutions. Despite a survey finding that <a href=\"https:\/\/cointelegraph.com\/news\/south-africa-the-next-frontier-for-crypto-exchanges\">1 in 10 South African internet users <\/a>own crypto assets (the highest in the world), banks have been lax to support crypto exchanges due to murky regulatory waters surrounding virtual assets like Bitcoin.&nbsp;<\/p>\n\n\n\n<p>In 2019, First National Bank, South Africa\u2019s most progressive bank in many ways,&nbsp;unexpectedly announced it would <a href=\"https:\/\/www.google.com\/search?q=luno+fnb&amp;oq=luno+fnb&amp;aqs=chrome..69i57j0l2j69i60l5.2197j0j9&amp;sourceid=chrome&amp;ie=UTF-8\">withdraw its services <\/a>to the country\u2019s virtual asset service providers, which has forced reputable companies like SA\u2019s most popular fiat-to-crypto exchange <a href=\"https:\/\/www.luno.com\/en\/\">Luno<\/a> and crypto-to-crypto exchange <a href=\"https:\/\/ice3x.co.za\/\">Ice3X<\/a> to find new banking partners.&nbsp;<\/p>\n\n\n\n<p>The new regulations are challenging, but have the potential to ultimately prove to be beneficial to the Rainbow Nation&#8217;s exchanges, who already conduct strict AML\/KYC programs. <\/p>\n\n\n\n<p>By complying with FATF\u2019s Recommendations 15 and 16 and South African authorities, CASPs and the crypto assets they\u2019re dealing with should become more appealing to South Africa\u2019s financial institutions and public investors than ever before post-2020. <br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Table of Contents Introduction SA crypto asset industry [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":4205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[19,20,37,58],"tags":[],"class_list":["post-4257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recommendation-16","category-fatf","category-blog-posts","category-africa-regulations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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