South Africa Re-Elects Cyril Ramaphosa of the ANC as President

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South Africa Re-Elects Cyril Ramaphosa of the ANC as President
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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

The ANC has ruled the country for 30 years since the end of apartheid in 1994. This election gives the ANC at least another five years to rule the country, though the party will not be ruling with the strong majority it once had. In the previous parliament it had 230 seats., making it one of the first African nations to do so. The country recently started licensing digital asset firms, and crypto companies Luno, Zignaly, and VALR were among the first to get a license in April.

The nation's Intergovernmental Fintech Working Group is also expected to examine use cases for stablecoins, consider a policy and regulatory response this year, and explore the implications of tokenization.in April that would include crypto in the country’s Travel Rules. The rules will take effect once they are put in the gazette. The directive requires virtual asset service providers to transmit information on wallets and passports when making transfers.

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