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Cryptocurrency has been gaining momentum in South Africa and the South African government has made it clear, in the 2022 Budget Speech, that they are taking it very seriously.  In the Budget Review 2022, the government has laid their cards on the table by proposing that regulatory bodies need to be established to safeguard the crypto owner. Government has taken the interventions proposed by the Intergovernmental Fintech Working Group (“IFWG”) which stipulate the following:

South africaSouth africanRuan standerApplication programme interfaceExchange control regulationsAfrican reserve bankFinancial sector conduct authorityIntergovernmental fintech working groupFinancial intelligence centreIntermediary servicesBudget reviewFinancial intelligence centre actFinancial advisoryIntermediary services actSouth african reserve bankCryptocurrency accountant