PRETORIA (CU)_Over the recent past, cryptocurrencies have been in the spotlight owing to several factors including the dramatic rise and fall in price, and the growing interest among tech tycoons and business moguls across the globe. As a result, many governments have also begun paying attention to the functioning of these digital assets, although not many of them have been successful in providing them with a regulatory framework. Meanwhile, in South Africa, there has been an increased use of crypto assets which is emphasising the need for regulation to provide investors with the protection which they don’t have at the moment.
Accordingly, the Intergovernmental Fintech Working Group (IFWG) published a paper recently, in which the Group confirmed measures that are being taken to firm up the process of regulating the crypto space which began 7 years ago.
According to IFWG chairperson Olaotse Matshane, the use of cryptocurrencies has significantly grown in such a manner that…
