Regulation will play a key role in ensuring investor protection and creating a safer crypto ecosystem — but a lot of work still needs to be done
The SA Reserve Bank’s recent announcement that it is set to introduce a regulatory framework for the country’s cryptocurrency sector within the next 12 months is a move that has been widely welcomed by the industry.
However, some caution is advised at this stage as the specifics of the proposed crypto regulations are still largely undefined, and there is a lot of work that still needs to be done. The Reserve Bank plans to develop a regulatory framework for crypto exchanges in SA that would be guided by traditional banking regulations such as know-your-customer rules and exchange control regulations.
By regulating cryptocurrencies, local crypto asset service providers would be required to implement the “Travel Rule”. This states that regulated providers of cryptocurrency assets must collect and share customer data with receiving exchanges when sending or receiving cryptocurrencies to align with global Financial Action Task Force
Revix was the first crypto provider in SA to issue quarterly proof of reserve reports that are verified and signed off by leading audit firm Mazars. These reports provide an independent guarantee that the cryptocurrencies we claim to hold on behalf of customers are actually securely held.
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