South Africa is accelerating its push to manage cryptocurrency assets after being hit by two scams this year, Bloomberg reported.
A regulatory structure should be in situ in 3 to 6 months, Bloomberg added, citing Kuben Naidoo, CEO of the Prudential Authority, that regulates the country’s banks and insurers.
“We are of the view that crypto assets are risky and we want to make sure that the financial sector is conscious of those risks and pricing for those risks properly,” Naidoo outlined.
Earlier in June, the FSCA [Financial Sector Conduct Authority], which regulates market conduct, added that it’ll start to affect cryptocurrency assets “in a phased and structured approach.”
That’s the same month that the founders of crypto investment firm Africrypt disappeared with an estimated $3.6 Bln of Bitcoin [BTC]. Earlier this year, Mirror Trading International reportedly defrauded investors of over $589 Mln.