News
Though the FSCA is an agency of the South African government, Binance claimed the country’s Financial Intelligence Centre was the “major regulator” with which it had been working to be in compliance with local laws.
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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.
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Some of the most common methods of duping crypto investors include false advertisements claiming to sell mining equipment and fake websites posing as crypto exchanges.
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South African authorities are the latest to warn against using Binance, saying the exchange is not authorized to operate in the country.
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The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank digital currencies.
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South Africa’s top banker has said that cryptocurrencies are more akin to assets than actual currencies.
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The Federal Bureau of Investigation is joining the investigation into one of the largest alleged crypto scams of 2020.
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An arrest warrant for Riccardo Spagni was issued on July 20, 2021, at the request of the South African government. He was apprehended the same day in the United States.
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AfriCrypt’s founders deny running off with billions in customers funds, asserting they went into hiding after receiving death threats from “dangerous people.”
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Billions worth of Bitcoin has reportedly vanished along with the operators of South African crypto firm AfriCrypt. Is it a scam or a hack?
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Strong retail interest in crypto has driven South African regulators to rethink how they classify cryptocurrencies.
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“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual," said Magda Wierzycka.
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The South African Reserve Bank has begun exploratory studies on central bank digital currencies.
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Blockchain Africa highlights the remaining hurdles that stand in the way of widespread adoption of crypto and blockchain on the continent.
23716 - Expert Take
The COVID-19 pandemic has highlighted the necessity for the digitalization and sustainable development of African economies.
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South African crypto firms are threatening to move operations abroad if lawmakers don’t provide clear regulatory guidelines.
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