South African agency to assess feedback on proposed crypto regulation
- Financial Intelligence Centre (FIC) in South Africa has received feedback on its proposed cryptocurrency transaction regulations.
- The FIC aims to implement the regulations by the third quarter of the financial year.
- The regulations require crypto asset service providers to share senders' personal information with recipient providers.
The proposed cryptocurrency transaction regulations by the Financial Intelligence Centre (FIC) in South Africa aim to enhance transparency and combat money laundering and terrorism financing. While the regulations may impose additional compliance requirements on crypto asset service providers, they are necessary steps to improve the country's standing and reputation in the global financial system.
