Absa Bank has reportedly barred its clients from purchasing digital currencies on Binance, telling its clients that the exchange was non-compliant.
South African investors are still in shock after a digital currency scam reportedly made off with R54 billion ($3.8 billion) and blamed it on a hack.
The project was announced for inclusion in the Intergovernmental Fintech Working Group regulatory sandbox earlier this week, enabling easier testing against existing and new regulatory frameworks.
The regulatory sandbox provides market innovators with an opportunity to test new products and services that push the boundaries of existing regulation under the responsible supervision of relevant regulators.
The Crypto Assets Regulatory Working Group set out its proposals for a new framework for regulating the sector, with a focus on digital currency service providers in the country.
The South African Reserve Bank has launched a study on the feasibility of a central bank digital currency (CBDC) as “complementary to cash.”
Two local firms are set to lodge their applications with the Johannesburg Stock Exchange, which has rejected such an application in the past.
iCE3 has announced that it has initiated the liquidation proceedings after it found discrepancies in its BTC and Litecoin (LTC) balances.
The sandbox will provide Centbee with the opportunity to test new products and services that push the boundaries of existing regulations while still under the oversight of the relevant regulators.
A number of high-profile startups are threatening to relocate to other digital currency havens if the government doesn’t step in and formulate enabling policies, according to a Bloomberg report.
The Financial Sector Conduct Authority said it’s receiving a large number of complaints from South African investors who have lost their savings through digital currency scams.