Work on crypto-asset regulation is underway

The use of crypto-assets for the purpose of money laundering is on the rise globally and the Financial Intelligence Centre is working with the Reserve Bank to develop a legislative framework to regulate these activities.

FIC executive manager for monitoring and analysis Mike Masiapato said that once a legislative framework is in place it will be obligatory to report suspicious transactions related to crypto-assets. The Financial Action Task Force — the international body that sets standards for measures to combat money laundering and the financing of terrorism — has urged authorities to develop mechanisms to regulate the use of crypto-assets. The FTAF will conduct an evaluation of the measures SA has in place before the end of 2019.

“Currently, in the absence of a clear regulatory framework, we are just working with the service providers of crypto-currencies, such as Luno, so they give us reports of suspicious transactions within their own spaces related to crypto-assets.”

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Work on crypto-asset regulation is underwayThe Financial Intelligence Centre and Reserve Bank are creating a legislative framework as use of crypto-assets for money laundering increases
Source: BDliveSA - 🏆 12. / 63 Read more »

Work on crypto-asset regulation is underwayThe Financial Intelligence Centre and Reserve Bank are creating a legislative framework as use of crypto-assets for money laundering increases
Source: BDliveSA - 🏆 12. / 63 Read more »

Fight between PIC and Iqbal Survé intensifiesState-owned asset manager rebuffs ultimatum issued by Sekunjalo boss
Source: BDliveSA - 🏆 12. / 63 Read more »

Nicholas Ninow sentencing to get underway in Pretoria | IOL NewsSentencing proceedings for convicted child rapist Nicholas Ninow are set to get underway in the North Gauteng High Court on Wednesday morning.
Source: IOL - 🏆 46. / 51 Read more »

Athletics world body brings in new transgender rulesFemale transgender athletes must lower their testosterone levels by half under new regulations introduced by the IAAF.
Source: eNCA - 🏆 49. / 51 Read more »

Last will and testament: Don’t try to rule from the graveFor most people, when drafting a will, there is the obvious desire to control the allocation of their assets after their demise.
Source: TheCitizen_News - 🏆 6. / 75 Read more »