Crypto to Get Regulatory Certainty in South Africa in Payment System Review

Authorities in South Africa are seeking comments on proposed policy changes that could, among other things, offer cryptocurrencies regulatory certainty.

Per the South African Reserve Bank (SARB) and the National Treasury, an overhaul of the national payment system (NPS), a set of infrastructures and arrangements which allow the transfer of funds between individuals and entities, is needed as the legislation backing the system, the National Payment System Act 78 of 1998, is outdated.

A review is will, however, align the legislation with the worldwide trend as well ensure that the regulatory net covers sectors of the economy that were previously unregulated such as the cryptocurrency space.

Reference: https://www.ccn.com/crypto-to-get-regulatory-certainty-in-south-africa-in-payment-system-review/

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