Crypto Currency Market To Be Regulated In South Africa

A crypto-currency blockchain expert, Tumelo
Ramaphosa has indicated that regulating cryptocurrency and other blockchain related markets would
be a win-win for government and the emerging industry. Tumelo Ramaphosa is the CEO of the world’s
first wildlife-based cryptocurrency, StudEx Wildlife. He said that he wanted to see more engagement
between emerging currencies in the blockchain industry and government in order for the correct
regulatory measures to be adopted in South Africa. This indication was made in response to a
report to the effect that the Minister of Finance, Tito Mboweni, was to begin researching
the industry in order to come up with ways to regulate the largely under-the-radar world
of trade in cryptocurrencies. The Government was expected to produce a research
paper at the end of this year on its fact-finding mission. In a parliamentary answer to Freedom Front
Plus, Mboweni said this would be done in order to develop a cohesive governmental response
to cryptocurrencies, and a unified intergovernmental regulatory framework. With more than eight years’ experience in
the blockchain space culminating in the launch of StudEx last year, Tumelo Ramaphosa said
he has seen regulations working within the industry where he is based in San Francisco,
California, in the United States. He indicated that in the United States, cryptocurrency
is being taxed now under capital gains tax laws which, he claims to be very good. Also, anti-money laundering checks are conducted
as well. Mboweni’s also indicated that working group
on the research would include the Financial Intelligence Centre, Financial Sector Conduct
Authority, Treasury, the Reserve Bank, and the South African Revenue Service. In addition, Tumelo Ramaphosa said he hoped
government would make a concerted effort to involve industry players as much as possible
in this process. Thanks for watching. Please comment, like, share and subscribe.

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