CRYPTOCURRENCY REGULATIONS IN SOUTH AFRICA?

Bitcoin exchange services in the country are experiencing record levels of patronage. Companies like Luno and Paxful enable locals to buy and sell Bitcoin. Luno, a cryptocurrency exchange platform, offers BTC/rand as well as ETH/rand trading pairs.

For South Africans who prefer to diversify their cryptocurrency trading portfolio, platforms like Coindirect enable them to buy and sell Litecoin, Bitcoin Cash, and Ripple. Coindirect also offers ERC-20 standard ICO tokens to local traders.

According to reports in the local media, asset management company Sygnia is set to launch a cryptocurrency trading platform in the country, later in the year. According to Magda Wierzycka, the CEO of the firm, the platform called SygniaCoin will offer trading services beyond the simple buying and selling of virtual assets. SygniaCoin’s plans are another upgrade to the cryptocurrency landscape in South Africa.

The nation’s apex banks said in May 2018 that the country’s laws prescribed that it was the only institution with the power to issue and manage currency in the country. As a result, the bank declared that Bitcoin and other cryptocurrencies were not recognized by law. The central bank is reportedly considering creating regulations for the cryptocurrency market.

The most significant law related to cryptocurrency in the country came in April when the South African Revenue Service announced a new framework for cryptocurrency taxes. Safe to say, that the environment in South Africa is far from restrictive and the market is booming as a result.

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