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After Crypto Scams, Regulatory Clock Ticking in South Africa (2)

June 30, 2021, 2:54 PM

South Africa is moving with more urgency to stiffen oversight of cryptocurrency assets after a proliferation of scams.

A new regulatory timeline foresees finalizing a framework in three to six months, after the publication of proposals earlier in June that requires public comment before approval, according to Kuben Naidoo, chief executive officer of South Africa’s banking regulator known as the Prudential Authority.

“We are trying to put in place the regulatory framework quickly,” said Naidoo, who’s also a deputy governor of the South African central bank. “Our view is that crypto is a financial product and should be ...

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