A bitcoin investment scheme called “Bitcoin Revolution South Africa” has been gaining much attention lately. Promoters claim that famous South Africans endorse this platform, including mining billionaire Patrice Motsepe, comedian and actor Trevor Noah, and President Cyril Ramaphosa. Bitcoin Revolution Invades South Africa The South African version of the Bitcoin Revolution scheme, simply called “Bitcoin […]
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South Africa’s top financial regulators, including the South African Reserve Bank, have jointly released a policy paper with 30 recommendations for the regulation of cryptocurrency and related service providers. They aim to be in compliance with the cryptocurrency standards set by the Financial Action Task Force (FATF). Top Regulators Publish Crypto Regulatory Policy A number […]
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A regulatory working group in South Africa, which includes the country’s central bank, has released a consultation paper on crypto assets this week. According to the document, all exchanges, wallet providers, Bitcoin ATMs and payment processors will have to register with the government in 2019. Also Read: Bitpay Reports Processing Over $1 Billion Transactions in […]
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The South African Revenue Service is working to improve the tracking of cryptocurrency traders and their transactions in order to verify if they are paying taxes. According to its Commissioner, the agency is exploring ways to better identify those that are profiting from trading digital assets and check if they are evading taxation. Also read: […]
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In recent news pertaining to cryptocurrency exchanges, it has been reported that Goldman Sachs is considering exploring custody and other services pertaining to cryptocurrencies; a South African exchange has introduced Tether pairings in the hopes of driving down the local premium on crypto prices through offering arbitrage opportunities to foreign traders; and Blockex has announced […]
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South African financial company Purple Group has confirmed the addition of two cryptocurrencies, bitcoin and ethereum, to its online trading platform. According to a representative, the decision came in response to strong demand from clients earlier this year. The move has expanded the trading options for South Africans, many of whom, according to a recent […]
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A new crypto teller machine is now operational in South Africa’s largest city, Johannesburg. The ATM, which supports several digital coins, has been installed at a supermarket in the north-western part of the city’s metro area. It is the latest addition to a growing number of terminals offering automated crypto-fiat exchange services in the country […]
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The tax authority of South Africa has warned taxpayers in the country against forgetting to report all their cryptocurrency transactions. However, it also presented a framework with a few positive points for those trading cryptocurrencies such as the ability to claim expenses and losses. Also Read: ADS Securities Adds Bitcoin Cash, Litecoin, and Ripple CFDs […]
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A “self-regulatory approach” has been mentioned as a likely solution for the South African crypto sector. A non-government body could adopt rules and implement industry standards. The central bank in Pretoria is expected to formulate the policy framework. Also read: Steps towards Self-Regulation in Croatia and Slovenia Premature Regulation Throttles Growth The South African Reserve […]
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Economic uncertainty appears to have spurred a significant spike in the number of South African citizens engaging with bitcoin and cryptocurrency. As of this writing, South African Google searches for bitcoin currently comprising the highest in proportion to country among the top 66 countries by search traffic. Also Read: Physical Bitcoin Mining Hardware Store Bitmart Opens […]
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