South Africa’s Central Bank seeks to regulate cryptocurrencies

Avatar James Lochner 2 years ago

The South African Central Bank will seek to introduce a regulatory framework for cryptocurrencies, said Kuben Naidoo, deputy governor of the Reserve Bank of South Africa (SARB). He also commented that such regulations could take 12 to 18 months, but some know-your-customer (KYC) rules and licenses for exchanges can be implemented earlier.

“Our vision has changed and we now consider it as a financial asset and we hope to regulate it as a financial asset, say at a PSG Think Big webinar. A lot of money has come in and it needs to be regulated and brought into the mainstream.”

“Once the ministers modify schedule one of the FIC (Financial Intelligence Center) law, then we can start moving. I think we can start to have some KYC rules. Some licenses can be granted to exchanges,” Naidoo said.

Shanghai included blockchain technology, NFTs and Web3 in its plan for the next 5 years

China’s largest city, Shanghai, officially intends to boost the development of innovations such as blockchain, NFTs, the Metaverse and the Web3 in general during its upcoming five-year plan.

On July 13, the Shanghai Municipal Government post the draft of its “14th Five-Year Plan for the Development of the Shanghai Digital Economy”.

The document sets out the mission of “promoting the deep integration of digital technology and the real economy, with “scientists judging technological prospects” and “entrepreneurs discovering market demand”.

The plan suggests supporting companies planning to build the NFT trading platforms and researching and promoting the digitization of NFTs and other assets.

A separate section is devoted to the blockchain. With the express commitment to promote the development and application of “blockchain+” technology and build a blockchain development ecosystem with strong innovation ability and independent control.

Vermont becomes the sixth US state to launch an investigation against Celsius

The Vermont Department of Financial Regulation (DFR) issue on Tuesday a warning against the troubled crypto lending firm Celsius. Reminding users that the firm is not licensed to offer its services in the state.

The DFR alleged that Celsius is “deeply insolvent” and has “no assets or liquidity” to meet its obligations to customers. The state regulator accused the crypto lender of mismanaging client funds by allocating them to risky and illiquid investments.

“In addition to the ordinary risks of investing in cryptocurrency. Holders of Celsius interest accounts were also exposed to the credit risk that Celsius would not be able to return their tokens upon withdrawal.»

Ukraine seizes cryptocurrency assets OTC crypto brokers for working with Russians

Ukrainian prosecutors said they have seized a large number of assets belonging to over-the-counter (OTC) brokers. These illegally facilitated cryptocurrency purchases for users from Russia and Russian-occupied territories.

Customers of those merchants were able to convert both cash and non-cash funds into cryptocurrencies, without paying taxes. So what announce the Prosecutor General’s office on Tuesday in a Ukrainian-language press release that received little attention in the West.

It is unclear when the exchanges occurred or whether it was before or after Russia started a war in Ukraine this winter.

The authorities seized 850,000 euros, 470,000 US dollars and 460,000 Ukrainian hryvnias (amounting to about 1.67 million dollars in total); 830 kilograms of silver; six pieces of land; and three apartments.

All were profits from illegal crypto-trades, the Prosecutor General’s office said. The assets, with a combined value of about $3.39 million, were handed over to the Asset Management and Recovery Agency of Ukraine, which is similar to the US Marshals Service. UU.

Written By