• About us
  • Advertise With Us
  • Become a Contributor
  • Guest Posting Service
  • Privacy Policy
  • Submit Press Release
  • Terms & Conditions
  • Contact
Cryptowall Street News
  • Home
  • Trending Coins
    • Cardano
    • Ethereum
    • Coinbase
    • Polkadot
    • Metaverse
    • BNB Chain
    • DeFi
    • Polkadot
    • Solana
  • Market
    • Bitcoin
    • Blockchain
    • Analysis
    • Guide
  • Top List
    • Top 10 cryptocurrencies
    • Top 50 Cryptocurrency
    • Top 100 Cryptocurrencies
    • Top 200 Cryptocurrency
    • Top 250 Cryptocurrencies
  • Binance
  • Coinbase
  • Crypto
    • Crypto Exchange
  • Finance
  • Litecoin
  • Ripple
  • Tether
No Result
View All Result
  • Home
  • Trending Coins
    • Cardano
    • Ethereum
    • Coinbase
    • Polkadot
    • Metaverse
    • BNB Chain
    • DeFi
    • Polkadot
    • Solana
  • Market
    • Bitcoin
    • Blockchain
    • Analysis
    • Guide
  • Top List
    • Top 10 cryptocurrencies
    • Top 50 Cryptocurrency
    • Top 100 Cryptocurrencies
    • Top 200 Cryptocurrency
    • Top 250 Cryptocurrencies
  • Binance
  • Coinbase
  • Crypto
    • Crypto Exchange
  • Finance
  • Litecoin
  • Ripple
  • Tether
No Result
View All Result
Latest News and Updates on Cryptocurrency
No Result
View All Result
Home Crypto

South African Government to Add Crypto Entities to ‘List of Accountable Institutions’ – Regulation Bitcoin News

admin by admin
December 4, 2022
in Crypto
0 0
0
South African Government to Add Crypto Entities to 'List of Accountable Institutions' – Regulation Bitcoin News
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

According to the South African government, crypto entities — or businesses whose activities include the exchange or transfer of crypto assets — are set to be included in the list of so-called accountable institutions starting Dec. 19. Businesses that convert one crypto asset to another or that conduct transactions where a crypto asset is transferred “from one crypto asset address or account to another” will also be added.

Amendments to Financial Intelligence Centre Act

The South African government recently said persons operating crypto-related businesses will be added to the list of accountable institutions in regard to the regulatory purview. According to a Nov. 29 Government Notice, the addition of crypto businesses to this list follows an amendment of schedules 1, 2, and 3 of the Financial Intelligence Centre Act, 2001. The changes to the Act, which come into effect on Dec. 19, were made by the South African minister of finance, Enoch Godongwana.

In the notice, Godongwana names the types of crypto-related activities and operations that will be included in the list of so-called accountable institutions. Also among the institutions or entities that are set to be included are persons “exchanging a crypto asset for a fiat currency or vice versa.”

Businesses that convert one crypto asset to another or that conduct transactions where a crypto asset is transferred “from one crypto asset address or account to another” will also be added. Persons or businesses offering custody services or those that issue crypto assets will be added to the list, the notice said.

No Definition of Crypto Assets in Financial Markets Act

The revelation of South Africa’s intention to add crypto entities to a list that also includes attorneys, investment schemes, and money transfer businesses comes less than two months after crypto assets were designated as a financial product by the Financial Sector Conduct Authority. As reported by Bitcoin.com News, this designation means crypto asset service providers such as exchanges must now apply for a license to operate.

Meanwhile, in the same government notice, the South African finance minister also outlines what constitutes a crypto asset from the government’s perspective.

“Where crypto asset means a digital representation of perceived value that can be traded or transferred electronically within a community of users of the internet who consider it as a medium of exchange, unit of account or store of value and use it for payment or investment purposes, but does not include a digital representation of a fiat currency or a security as defined in the Financial Markets Act, 2012,” the notice explained.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More Popular News

In Case You Missed It

Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized … read more.

Source

Tags: Crypto Guest PostingCrypto NewsCrypto WorldCryptocurrency NewsLatest Crypto NewsToday Crypto Update
admin

admin

  • Trending
  • Comments
  • Latest
Beldex and Geometry Labs enter privacy-enhancing partnership

Beldex and Geometry Labs enter privacy-enhancing partnership

September 13, 2022
Here's When the Ethereum Proof-of-Work Fork Will Take Place

Here’s When the Ethereum Proof-of-Work Fork Will Take Place

September 13, 2022
Horizen Labs' ApeCoin staking hype sets $APE on a bullish trajectory

Horizen Labs’ ApeCoin staking hype sets $APE on a bullish trajectory

September 13, 2022
Bitcoin breaks to $20K as bulls target higher mothly close

Bitcoin breaks to $20K as bulls target higher mothly close

October 9, 2022
Only1 review: redefining social media experience using NFTs

Only1 review: redefining social media experience using NFTs

0
Et voici EIP-1559 !

Et voici EIP-1559 !

0
Crypto.com is now registered as a virtual asset service provider in the Cayman Islands

Crypto.com is now registered as a virtual asset service provider in the Cayman Islands

0
Crypto has provided Ukraine a way to ‘fight back’, digital transformation minister says

Crypto has provided Ukraine a way to ‘fight back’, digital transformation minister says

0
Metaverse Tokens Outperform Top Crypto Assets in 2023 With Decentraland's MANA Leading the Pack – Metaverse Bitcoin News

Metaverse Tokens Outperform Top Crypto Assets in 2023 With Decentraland’s MANA Leading the Pack – Metaverse Bitcoin News

February 2, 2023
82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows – Featured Bitcoin News

82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows – Featured Bitcoin News

February 1, 2023
JPMorgan CEO Jamie Dimon Calls Bitcoin 'Hyped-up Fraud' — Expects Satoshi Nakamoto to Increase BTC Supply Cap – Featured Bitcoin News

JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap – Featured Bitcoin News

January 31, 2023
Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official – Regulation Bitcoin News

Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official – Regulation Bitcoin News

January 30, 2023

POPULAR NEWS

    Recommended

    Metaverse Tokens Outperform Top Crypto Assets in 2023 With Decentraland's MANA Leading the Pack – Metaverse Bitcoin News

    Metaverse Tokens Outperform Top Crypto Assets in 2023 With Decentraland’s MANA Leading the Pack – Metaverse Bitcoin News

    February 2, 2023
    82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows – Featured Bitcoin News

    82% of Millionaires Ask About Putting Crypto in Their Portfolios, Survey Shows – Featured Bitcoin News

    February 1, 2023
    JPMorgan CEO Jamie Dimon Calls Bitcoin 'Hyped-up Fraud' — Expects Satoshi Nakamoto to Increase BTC Supply Cap – Featured Bitcoin News

    JPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap – Featured Bitcoin News

    January 31, 2023
    Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official – Regulation Bitcoin News

    Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official – Regulation Bitcoin News

    January 30, 2023

    About Us

    Get the latest news on Cryptocurrency and stay up-to-date ... Cryptocurrency prices today

    Categories

    • Analysis
    • Binance
    • Bitcoin
    • Blockchain
    • BNB Chain
    • Cardano
    • Coinbase
    • Crypto
    • DeFi
    • Ethereum
    • Finance
    • Guide
    • Market
    • Metaverse
    • Polkadot
    • Solana
    • Tether

    Tags

    BNB Chain Business Wire Pricing Cardano Cardano Crypto Crypto Cryptocurrency News Crypto Guest Posting Crypto News Crypto news distribution network Crypto news platform Crypto news site Crypto World DeFi Crypto Ethereum Ethereum Crypto Ethereum Digital Marketing agency Ethereum Marketing Agency Ethereum Marketing Experts Ethereum Online Marketing Agency Latest Crypto News Marketwired Pricing Metaverse Polkadot Polkadot Digital Marketing firm Polkadot Marketing Experts PRNewswire Cost PRNewswire Pricing PRWeb Pricing Solana Solana Crypto Solana Digital Marketing Specialists Solana Marketing Experts3 Solana Online Marketing Agency Today Crypto Update Top Cryptocurrency News video news release video press release video press release service
    • About us
    • Advertise With Us
    • Become a Contributor
    • Contact
    • Guest Posting Service
    • Home 4
    • List Of Top All Cryptocurrencies In The World (2022 Updated)
    • Privacy Policy
    • Submit Press Release
    • Terms & Conditions
    • Top 10 cryptocurrencies in the world | Crypto Prices Today LIVE
    • Top 100 Cryptocurrencies (Real-Time Prices) Market Cap
    • Top 200 Cryptocurrency List Price – Charts
    • Top 50 Cryptocurrency Prices – Coin Market Cap and Price Charts

    © 2022 cryptowallstreetnews.

    No Result
    View All Result
    • Home
    • Trending Coins
      • Cardano
      • Ethereum
      • Coinbase
      • Polkadot
      • Metaverse
      • BNB Chain
      • DeFi
      • Polkadot
      • Solana
    • Market
      • Bitcoin
      • Blockchain
      • Analysis
      • Guide
    • Top List
      • Top 10 cryptocurrencies
      • Top 50 Cryptocurrency
      • Top 100 Cryptocurrencies
      • Top 200 Cryptocurrency
      • Top 250 Cryptocurrencies
    • Binance
    • Coinbase
    • Crypto
      • Crypto Exchange
    • Finance
    • Litecoin
    • Ripple
    • Tether

    © 2022 cryptowallstreetnews.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    • bitcoinBitcoin(BTC)$23,815.003.54%
    • ethereumEthereum(ETH)$1,670.186.09%
    • USDEXUSDEX(USDEX)$1.08-0.31%
    • tetherTether(USDT)$1.000.06%
    • binancecoinBNB(BNB)$330.637.73%
    • usd-coinUSD Coin(USDC)$1.000.14%
    • rippleXRP(XRP)$0.4159063.39%
    • Binance USDBinance USD(BUSD)$1.000.14%
    • cardanoCardano(ADA)$0.4021525.18%
    • dogecoinDogecoin(DOGE)$0.0940292.10%