Crypto regulations in South Africa. What should you know about it? We all know that you can trade with any cryptocurrency in South Africa, but you still need to know if crypto is regulated in SA.
More and more people are starting to trade with cryptocurrency. This is because of all the benefits of making some extra money when you are successful with trading. Even if it’s legal to trade currencies, is crypto regulated in South Africa? These are the answer to the question, and some other essential information that you need to know about crypto regulations and other regulations in South Africa.
Is cryptocurrency legal tender in South Africa
At the moment, there isn’t any proof that cryptocurrency is regulated in South Africa. However, there are some restrictions put on trading crypto. There are also plans to start regulating cryptocurrency in South Africa.
This is all because of a scam that happened a year or two back. Where people got scammed out of their pension funds because of wrong investments. People that made use of pension funds of other people and investing it illegally into crypto. The owners of the pension funds lost everything they had saved for their retirements.
There are plans to start regulating all forms of crypto during 2022. There isn’t a date of which the regulations are going to start, but they are investigating the benefits of regulated crypto. Crypto isn’t a legal tender in South Africa. Not yet, but they are considering changing it in the near future. They are looking into changing it during 2022.
Is luna with other crypto regulated in South Africa
Luna is a cryptocurrency from South Korea. It was founded in 2018 by the South Koreans, Do Kwon and Daniel Shin. Luna was created by the Terraform labs. This is a successful currency and many people are trading with this currency. But, the question is if Luna is regulated in South Africa.
Just like any other crypto, Luna isn’t regulated at the moment. There are some regulations you need to comply to, when trading with Luna, but South Africa doesn’t regulating it completely. However, this is going to change during 2022. Because South Africa is considering regulating crypto, it will automatically regulate Luna as well. But, there isn’t any more information about when they are going to start regulating currency trading.
Is Coinbase registered in South Africa with crypto regulated
Yes, Coinbase is registered in South Africa. Meaning that you can make use of Coinbase to trade with cryptocurrency. A year or two back, Coinbase wasn’t available in South Africa, and it wasn’t registered here. However, now you can make use of this platform to manage all your crypto that you are trading. You can make 100% use of the platform. From buying to selling cryptocurrency
Coinbase is actually one of the best platforms to manage your crypto and is currently available in more than 100 countries. The thing that is making this a great platform is the easiness of using it. Even beginners can use Coinbase easily without any problems.
Is South Africa preparing a new cryptocurrency regulatory framework?
Many cryptocurrency traders in South Africa wants to know if there is a new cryptocurrency regulatory framework available in South Africa. Regulatory framework is basically anti-corruption measures that traders need to follow when trading cryptocurrency.
The answer is yes. The FSCA, or also known as the South Africa’s Financial Sector Conduct Authority is preparing a regulatory framework. This is to protect the most vulnerable members of the society. This came after an incident a couple of months back in South Africa, where people lost all their pension savings because of a scam with crypto trading.
This is important for the everyday person that FSCA are preparing a new cryptocurrency regulatory framework. This is protecting people from brokers investing in cryptocurrency and where the clients are losing all their money.
With the question if Crypto is regulated in South Africa we can say no. At the moment South Africa don’t regulate any crypto trading. However, they are preparing cryptocurrency regulatory framework. This is done by the FSCA. This isn’t to regulate crypto, but to make sure that people are protected against crypto scams.