Crypto regulation is imminent in South Africa with formal guidelines expected to be introduced before the end of 2022, say experts at South Africa’s largest cryptocurrency exchange Luno.
Crypto regulation is imminent in South Africa with formal guidelines expected to be introduced before the end of the year, say experts at South Africa’s largest cryptocurrency exchange Luno.
In anticipation of local regulations, several asset managers are working behind the scenes to craft crypto products and solutions. “Once regulation is finalised, financial advisors will be able to propose crypto products and services to clients. Luno is partnering with such businesses to ensure that customers can enter crypto investments through their trusted financial advisors.”Louis van Staden, global head of payments at Luno, also expects to see the launch of more central bank digital currencies in 2022.
“Open banking – where financial institutions share information about customers – is already quite prominent in the UK and Europe. It is quick and information can easily be shared across multiple institutions. Ultimately, systems that make transacting simpler are sure to gain traction.”As crypto adoption grows, people are becoming more aware of the importance of keeping their crypto safe.
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