Crypto Assets in South Africa Would Be Considered Financial Products Under Regulator Proposal

Cryptocurrency assets would be treated like financial products under South Africa’s Financial Advisory and Intermediary Services (FAIS) Act, under a draft declaration by a financial regulator. “The Declaration would have the effect that any person furnishing advice or rendering intermediary services in relation to crypto assets must be authorised under the FAIS Act as a […]

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This Bitcoin Documentary From Africa Is Streaming on Amazon Prime

Demand for bitcoin is still surging across Africa, regardless of the broader economic crisis, according to peer-to-peer exchange data from Paxful and LocalBitcoins.  However, there is no single “African” crypto narrative, as users in jurisdictions across the continent use the technology for vastly different circumstances.  Starting Friday, Amazon Prime will offer the documentary “Banking on […]

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South Africa Proposes Strict Crypto Regulatory Framework

South Africa’s financial regulators recommended that cryptocurrency “remain without legal tender status” in a Tuesday roadmap outlining what could become the nation’s first comprehensive crypto laws.  According to the policy paper by South Africa’s “Intergovernmental Fintech Working Group” (IFWG), the burgeoning crypto asset sector – one survey suggests that 10.7 percent of South African internet […]

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German Regulator Orders ‘KaratGold Coin’ Issuer to Cease Operations

The hammer is coming down again on the Karatbars ecosystem as German and South African regulators have taken separate actions over sales of a purportedly gold-backed cryptocurrency. Germany’s Financial Supervisory Authority (BaFin) disclosed Monday that it had issued a cease-and-desist order against Karatbit Foundation on Oct. 21 for issuing its KaratGold Coin without necessary licensing […]

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