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South Africa Leverages AI to Track Down Tax-Dodging Crypto Traders

[Sep 6, 2024 11:20 AM] The South African government is tightening its grip on cryptocurrency trading. Tax authorities (SARS) are issuing tax notices and clarifying regulations, likely using AI to identify non-compliant traders. The central bank meanwhile has clarified…

South Africa Approves 63 Crypto Asset Service Provider License Applications

[Jul 4, 2024 5:20 AM] South Africa’s financial services industry regulator announced on July 2 that it had approved an additional 63 crypto asset service provider license applications. The Financial Sector Conduct Authority (FSCA) has received a total of 383…

South African Retailer Accepting BTC Sees Significant Increase in Monthly Crypto Transactions

[Jun 14, 2024 2:41 AM] The South African retail giant, Pick n Pay, has reported a significant increase in the value of monthly cryptocurrency payments, rising from approximately $1,350 to $54,000. The regions of Gauteng, KwaZulu-Natal, and the Western Cape in South…

South African Police Nab Alleged Mastermind of Metaverse Ponzi Scheme

[Jun 7, 2024 4:51 PM] Neil Leon De Waal, a key figure in the GS Partners metaverse fraud case, was reportedly arrested by South African law enforcement in late May. He was subsequently released on bail on June 3. Authorities began investigating De Waal following a…

South African Regulator Licenses 75 Institutions as Crypto Asset Service Providers

[Apr 24, 2024 2:37 AM] South Africa’s Financial Sector Conduct Authority said on April 22 that it has approved 75 institutions to be licensed as crypto asset service providers (CASPs). The regulator said the unveiling of licensed CASPs is intended to dispel…

South African Regulator Set to Issue Licenses to 60 Crypto Platforms by End of March

[Mar 14, 2024 11:30 PM] A South African regulator has said it plans to issue licenses to 60 crypto platforms by the end of March. The Financial Sector Conduct Authority has said it is still processing the more than 300 applications it received late last year. South…

South Africa Regulators to Unveil Document Categorizing Stablecoins as a ‘Particular Type of Crypto Asset’

[Feb 26, 2024 3:30 AM] In 2024, the Intergovernmental Fintech Working Group, a consortium of South African regulators that unveiled a position paper on crypto assets in 2021, is expected to “publish additions to include stablecoins as a particular type of crypto…

South African Regulator Expects to Determine Fate of 50 Crypto License Applications in ‘Coming Weeks’

[Jan 25, 2024 10:00 PM] The head of enforcement at South Africa’s financial industry watchdog said on Jan. 24 that he expects the organization to decide the fate of 50 crypto firms’ license applicants in the coming weeks. The watchdog stated that from the more than 100…

Report: South African Financial Institutions Will Soon Offer Services Related to Cryptocurrencies

[Dec 13, 2023 5:00 AM] About 73 applicants who are seeking a license to offer crypto products in South Africa are already registered as accountable institutions with the Financial Intelligence Centre, an executive at the crypto exchange Luno has said. According to the…

Jailed Mastermind of South African Bitcoin Scam Reportedly Getting Preferential Treatment in Brazilian Prison

[Dec 12, 2023 2:00 AM] Johann Steynberg, the imprisoned CEO of Mirror Trading International, a South African Bitcoin scam entity, is allegedly receiving preferential treatment in a Brazilian prison. The General Directorate of Penitentiary Administration (DGAP) has…

South African Crypto Exchanges Revix and Bitfund Merge With Austrian Digital Asset Platform

[Dec 3, 2023 2:30 AM] Two South African crypto platforms and an Austria-based digital asset platform have joined forces to launch a new alternative investment platform called Altify. The goal of the new outfit is to enable South African investors, particularly the…

Stitch Launches Payment Service Allowing Customers to Settle With Crypto in South Africa

[Nov 23, 2023 7:30 AM] A new product offering recently launched by Stitch, a South African payment service provider, now enables customers to settle transactions with crypto. According to Stitch, this new functionality makes it possible for customers to pay with bitcoin…

South African Financial Giant Says It Will Inject Capital Into ZARP Stablecoin Network

[Nov 7, 2023 6:30 AM] South Africa’s Old Mutual Wealth and financial services provider Inves Capital recently revealed plans to inject liquidity into the ZARP stablecoin network. Inves Capital’s managing director said “crypto is entering a new…

South African Crypto Platform Pins Hope on ‘Phased Asset Recovery’ Proposal

[Oct 30, 2023 5:30 AM] A South African crypto investment platform has expressed hopes that an asset recovery proposal will result in users regaining access to funds blocked after its custody partner froze withdrawals. The crypto platform said it has also engaged…

Report: Valr Partnership With Visa to Expand the Reach of the South African Crypto Exchange

[Oct 18, 2023 3:00 AM] The South African crypto exchange Valr said its partnership with the global card firm Visa is set to expand the former’s reach. The two companies said they would work on a solution that enables Valr customers to use the card firm’s network to…

South African Crypto Exchange Valr Receives ‘Initial Approval’ From Dubai Virtual Assets Regulator

[Oct 4, 2023 9:30 PM] Valr, the South Africa-based crypto exchange, recently said it had won initial approval from the Dubai virtual assets regulator. The crypto exchange’s Head of Growth, Blake Player, said Valr has been attracted by the Middle East region’s…

Crypto Exchange Bybit Launches Derivatives Products in South Africa

[Oct 4, 2023 5:30 AM] Bybit announced on Oct. 2 that it will be offering its crypto derivatives products in South Africa through Money Doc which acts as the crypto exchange’s “juristic representative.” The crypto exchange said its on-ramp service…

Report: Victims of South African BTC Scam Set to Receive Portion of Invested Funds

[Oct 3, 2023 12:45 AM] Some investors who invested in the South African bitcoin pyramid scheme MTI are set to receive part of their money back once a court rules on how liquidators are supposed to handle claims. Liquidators expect to make more than one payout to affected…