South Africa established the IFWG (Intergovernmental Fintech Working Group). Members of IFWG consists of NT (National Treasury), SARB (South African Reserve Bank), FSCA (Financial Sector Conduct Authority) and FIC (Financial Intelligence Center). Together they study the impact of Cryptocurrencies, and together with SARS (South African Revenue Services) has formed the Crypto Assets Working Group (CAWG) to approach and form a regulatory framework for Cryptocurrencies.
The CAWG has proposed to form a regulatory framework though 3 phases;
- Phase 1 – Registration of Crypto Asset Service Providers (CASP)
- Phase 2 – Review of current regulatory frameworks followed by proposal of new regulatory requirements or amendment of existing regulations.
- Phase 3 – Assessment of regulatory requirements implemented in phase 2
Where CASP consists of;
- Crypto Asset Trading Platforms
- Crypto Asset Wallet Providers (Custodial Wallets)
- Crypto Asset Custodial Services
- Crypto Asset Payment Providers
And where CASP will be required to comply with the AML/CFT provisions of the FIC Act 38 of 2001.
To read more about this development please visit the link to the South African Reserve Bank: