South African exchanges welcome the new ‘crypto is financial asset’ ruling

2022.07.14 22:18

South African exchanges welcome the new ‘crypto is financial asset’ ruling

South Africa’s Reserve Bank is set to begin regulating cryptocurrencies as financial assets in the next 18 months, with exchanges expecting the move to drive adoption in the country.

The move to classify cryptocurrencies as financial assets and not currency has been talked about for some time by the South African Reserve Bank (SARB). Deputy governor Kuben Chetty confirmed that the new regulations would take effect over the next year, speaking in an online dialogue on Monday.