South African Central Bank introduces new crypto regulations

bestered10

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Quote from: deodivine1 on December 02, 2019, 08:36:12 AM

Greetings crypto enthusiasts globally 🌐. I saw an article on cointelegraph 🔗 https://cointelegraph.com/news/south-african-central-bank-to-reportedly-introduce-new-crypto-regulations/amp?__twitter_impression=true which brings the news that South African Central Bank has implemented new crypto regulations to their jurisdiction. It may interest you to know that South Africa has a good percentage of the total population holding crypto and LUNO exchange sprouted from that country.

In late November, FirstRand Bank, a large bank in South Africa was ordered to halt services to digital currency exchanges. The major reasons for this new regulations is for currency control purposes.

The big question is 🤔
Will these regulations be favorable to crypto holders or detrimental? And also most crypto enthusiasts keep saying regulations will come for sure, is this the kind of regulations we are expecting?

Mere looking at this I suppose it will be favorable

NoirSuccubus

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I think it is a form of regulation and it will be helpful to investors and holders in the long run. Even though it will cut out many people from the crypto world, but people will eventually find their way, so let’s hope this will be a good progress in regulation of the crypto world.

jossiel

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Quote from: InwardContour on December 02, 2019, 12:55:17 PM

Quote from: jossiel on December 02, 2019, 12:41:35 PM

Taxation? they have no choice if they want to progress in that region, they should be supported by the gov't so in return, they'll regulate it which is going to be in favor of them but the people who are into crypto there will also benefit.

Think of the advantage and just let it happen because you have no choice as they are the gov't that will manage to allow or disallow transactions in their jurisdiction.

This is just the gospel truth, at least they didn't put an outright ban on crypto, meaning they still consider crypto holders. I think the major reason why South Africa is doing that is to protect their own FIAT (RANDS) avoiding uncertainties. However at the end no matter how strict the regulations are, it will also favor crypto enthusiasts, but will favor the government more. We need regulations for start-ups and also exchanges more, not only for bank services.

Yeah, that's much better.

They will benefit from it that's why they wouldn't put a ban to crypto. If you just heard the latest news about Jack Dorsey, he's longing to invest and focus with Africa (I can't remember in which region or part to be exact) for crypto business.

There will be some raised eyebrows because crypto isn't like that but let's say at least crypto needs them to progress.

ATSgrowth

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We need to be sure about regulations, what is allowed and what is not, without these institutional investors will never invest big amoung of money because they will be afraid about the law violation.

InwardContour

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Quote from: jossiel on December 02, 2019, 12:41:35 PM

Taxation? they have no choice if they want to progress in that region, they should be supported by the gov't so in return, they'll regulate it which is going to be in favor of them but the people who are into crypto there will also benefit.

Think of the advantage and just let it happen because you have no choice as they are the gov't that will manage to allow or disallow transactions in their jurisdiction.

This is just the gospel truth, at least they didn't put an outright ban on crypto, meaning they still consider crypto holders. I think the major reason why South Africa is doing that is to protect their own FIAT (RANDS) avoiding uncertainties. However at the end no matter how strict the regulations are, it will also favor crypto enthusiasts, but will favor the government more. We need regulations for start-ups and also exchanges more, not only for bank services.

duuuuude

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For the state regulation of cryptocurrencies is always only beneficial, that is there is a control of cash flows behind this and of course they will come up with additional taxes on transactions or something like that.

jossiel

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Taxation? they have no choice if they want to progress in that region, they should be supported by the gov't so in return, they'll regulate it which is going to be in favor of them but the people who are into crypto there will also benefit.

Think of the advantage and just let it happen because you have no choice as they are the gov't that will manage to allow or disallow transactions in their jurisdiction.

Bananington

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Quote from: ?? on ??

I think that the regulation of cryptocurrencies in some third world countries does not matter. especially if it is somehow connected with banks. All people expect regulation to come from the US authorities. when a decision will be made on their part, then other countries will begin to do the same.

If the US and other world powers like China can roll out fair regulations for crypto, the rest of the world will start considering proper regulations for crypto, hence drives it closer to mainstream adoption. Well, this doesn't entirely mean third world countries are irrelevant in the whole thing, I just hope regulations are put for crowdfunding especially to reduce scam.

deodivine1

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Quote from: deadsilent on December 02, 2019, 09:44:34 AM

It's okay to regulate the usage of crypto currencies but not to the extreme. Africa is a growing population of crypto users. As other countries do, it should be regulated to control it from being abused. There's a good reason behind this. As we all know that crypto can bypass the taxes or even promote money laundering. Of course government has to do something to regulate this. Still happy that government did not ban the use of crypto tho.

This was helpful, thanks.

deodivine1

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Lol is African regulation really important? News from EU are much more intresting

Africa is not excluded sir. I understand we've got good news from Germany (qualified banks will be given license to deal on crypto) like you mentioned EU.

asriloni

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Quote from: deodivine1 on December 02, 2019, 08:36:12 AM

Greetings crypto enthusiasts globally 🌐. I saw an article on cointelegraph 🔗 https://cointelegraph.com/news/south-african-central-bank-to-reportedly-introduce-new-crypto-regulations/amp?__twitter_impression=true which brings the news that South African Central Bank has implemented new crypto regulations to their jurisdiction. It may interest you to know that South Africa has a good percentage of the total population holding crypto and LUNO exchange sprouted from that country.

In late November, FirstRand Bank, a large bank in South Africa was ordered to halt services to digital currency exchanges. The major reasons for this new regulations is for currency control purposes.

The big question is 🤔
Will these regulations be favorable to crypto holders or detrimental? And also most crypto enthusiasts keep saying regulations will come for sure, is this the kind of regulations we are expecting?

It will not caused by the regulation will be rolling out at the first quarter of 2020 and i believe if that will have a very strong relationship with the step to use crypto and taxation for crypto users. It's not the kind of regulation that we will be expecting to happen. What we wanna see the regulation is about to create a verification process especially for the new developers or party that wanna create a new company related to the crypto, ICO or even IEO. In this case, the investors or users must be the party who will be free from the regulation purpose.
That's more than enough.

zhekinsp

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Quote from: deodivine1 on December 02, 2019, 08:36:12 AM

Greetings crypto enthusiasts globally 🌐. I saw an article on cointelegraph 🔗 https://cointelegraph.com/news/south-african-central-bank-to-reportedly-introduce-new-crypto-regulations/amp?__twitter_impression=true which brings the news that South African Central Bank has implemented new crypto regulations to their jurisdiction. It may interest you to know that South Africa has a good percentage of the total population holding crypto and LUNO exchange sprouted from that country.

In late November, FirstRand Bank, a large bank in South Africa was ordered to halt services to digital currency exchanges. The major reasons for this new regulations is for currency control purposes.

The big question is 🤔
Will these regulations be favorable to crypto holders or detrimental? And also most crypto enthusiasts keep saying regulations will come for sure, is this the kind of regulations we are expecting?

Regulations has pros and cons to the crypto users,foremost con of regulation will be lack of privacy anymore so people who want o evade tax will get shocked by the regulations but others may accept happily.Adoption also will occur if country tries to regulate the crypto currencies.But why South African bank halted their service if their government tries to bring regulations?

deadsilent

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It's okay to regulate the usage of crypto currencies but not to the extreme. Africa is a growing population of crypto users. As other countries do, it should be regulated to control it from being abused. There's a good reason behind this. As we all know that crypto can bypass the taxes or even promote money laundering. Of course government has to do something to regulate this. Still happy that government did not ban the use of crypto tho.

Peanyut991

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In my opinion, this regulation is clearly going to benefit the crypto community, the world is slowly starting to glance at cryptocurrency and of course it will begin to adopt mass use of Blockchain technology.

deodivine1

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Greetings crypto enthusiasts globally 🌐. I saw an article on cointelegraph 🔗 https://cointelegraph.com/news/south-african-central-bank-to-reportedly-introduce-new-crypto-regulations/amp?__twitter_impression=true which brings the news that South African Central Bank has implemented new crypto regulations to their jurisdiction. It may interest you to know that South Africa has a good percentage of the total population holding crypto and LUNO exchange sprouted from that country.

In late November, FirstRand Bank, a large bank in South Africa was ordered to halt services to digital currency exchanges. The major reasons for this new regulations is for currency control purposes.

The big question is 🤔
Will these regulations be favorable to crypto holders or detrimental? And also most crypto enthusiasts keep saying regulations will come for sure, is this the kind of regulations we are expecting?

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