South African Central Bank undertook to regulate crypto industry

The reserve bank of the South African Republic (SARB) stated that he began the process of regulating the crypto industry and at the first stage obliged to register all service providers working with virtual currency.

The published advisory document says that the formation of norms for monitoring the cryptoaculation market is necessary to protect consumers and investors, therefore should be in priority. However, to avoid reputational risks, SARB decided to choose the average path between rigid restrictions or prohibition and complete inaction, which is called «limited regulation».

So far, the Office proposes to introduce special requirements for cryptochemical and wallets, without establishing specific requirements for obtaining permits for conducting activities, but in the future considers the possibility of making adjustments to the current rules or the introduction of new ones. The first stage provides for mandatory registration in regulatory bodies. Additionally, the operators will have to report suspicious and unusual operations in the amount of more than $ 1800.

The South African Central Bank also recommends not to recognize cryptocurrency by a legitimate payment or electronic money.

The registration process will begin in the first half of 2019, and in the future it can follow full-fledged licensing. So far, the document is at the Public Discussion Stage, which will last until February 15.

Previously, we also reported that a bill presented in Wyoming, allowing companies