{"id":485746,"date":"2022-08-18T16:27:13","date_gmt":"2022-08-18T13:27:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/south-african-reserve-bank-encourages-friendly-behavior-with-crypto\/"},"modified":"2022-08-18T16:27:13","modified_gmt":"2022-08-18T13:27:13","slug":"south-african-reserve-bank-encourages-friendly-behavior-with-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/south-african-reserve-bank-encourages-friendly-behavior-with-crypto\/","title":{"rendered":"# South African Reserve Bank encourages friendly behavior with crypto"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3e004ca6b2c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3e004ca6b2c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/south-african-reserve-bank-encourages-friendly-behavior-with-crypto\/#%E2%80%9D_South_African_Reserve_Bank_encourages_friendly_behavior_with_crypto_%E2%80%9C\" >&#8221; South African Reserve Bank encourages friendly behavior with crypto  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_South_African_Reserve_Bank_encourages_friendly_behavior_with_crypto_%E2%80%9C\"><\/span>&#8221; South African Reserve Bank encourages friendly behavior with crypto  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvZjA0M2Y4ZjctZTBmMC00ZjI5LTljMWYtYzdjNThkNzZjYmQ5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>The Prudential Authority of the Reserve Bank of South Africa sent out <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.resbank.co.za\/content\/dam\/sarb\/publications\/prudential-authority\/pa-deposit-takers\/banks-guidance-notes\/2022\/G10-2022%20-%20Supervisory%20guidelines%20for%20matters%20related%20to%20the%20prevention%20of%20unlawful%20activities.pdf\">guidelines<\/a> in effort to prevent illicit activities to its subsidiaries, which included encouragement not to cut off all ties with cryptocurrency.\u00a0<\/p>\n<p>It suggested that such an act could cause greater risk in the long run.<\/p>\n<p>The official notice was signed by the Prudential Authority CEO, Fundi Tshazibana. In the past certain South African banks cut ties with what is called in the document, \u201cCrypto Asset Service Providers\u201d (CASP), due to unclear regulations or a high risk factor.<\/p>\n<p>However the notice highlights that risk assessment doesn\u2019t mean dropping crypto entirely:<\/p>\n<blockquote><p>\u201cRisk assessment does not necessarily imply that institutions should seek to avoid risk entirely (also referred to as de-risking), for example, through wholesale termination of client relationships which may include CASPs.\u201d<\/p><\/blockquote>\n<p>It goes on to say such a move could even be a \u201cthreat\u201d to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> financial integrity, as it may limit the possibilities of treating issues such as money laundering.<\/p>\n<p>In late July the Reserve Bank released an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.resbank.co.za\/content\/dam\/sarb\/publications\/media-releases\/2022\/pa-assessment-reports\/Banking%20Sector%20Risk%20Assessment%20Report.pdf\">assessment<\/a> of risks within the local banking sector. According to the report, included in the top 10 threats identified by top local banks were cryptocurrencies and virtual assets. <\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>European Central Bank addresses guidance on licensing of digital assets<\/em><\/strong><\/p>\n<p>Prior to the report, the South African government released a plan which entailed the classification of crypto as a financial asset for regulatory purposes. The laws pertaining to the classification are expected over the next 12-months.<\/p>\n<p>Crypto exchanges in South Africa reacted positively to this announcement. Many believe this move will drive adoption in the country. Already the country has major signs of interest and innovation in the crypto community including IRL crypto use cases.<\/p>\n<p>South Africa is home to crypto projects such as Bitcoin Ekasi, a township which introduced Bitcoin as a means of bolstering financial independence to local underserved communities, and Unravel Surf <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">Travel<\/a>, a South African-based travel pro-crypto travel company.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/south-african-reserve-bank-encourages-friendly-behavior-with-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; South African Reserve Bank encourages friendly behavior with crypto &#8220; The Prudential Authority of the Reserve Bank of South Africa sent out guidelines in effort to prevent illicit activities to its subsidiaries, which included encouragement not to cut off all ties with cryptocurrency.\u00a0 It suggested that such an act could cause greater risk in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":485747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvZjA0M2Y4ZjctZTBmMC00ZjI5LTljMWYtYzdjNThkNzZjYmQ5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,116545,70934,72602],"class_list":["post-485746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-reserve-bank","tag-regulation","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/485746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=485746"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/485746\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/485747"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=485746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=485746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=485746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}