18 days from now, crypto exchanges in SA have to start reporting dubious deals, just like banks | Business Insider

In a little over two weeks, it becomes legally impossible to deal anonymously with cryptocurrency in South Africa.

From 19 December, finance minister Enoch Godongwana decreed, crypto exchanges will be listed under Schedule 1 of the Financial Intelligence Centre Act , which defines"accountable institutions" under that law. Because anyone with internet access can act as a crypto exchange, the new rules use broad definitions. For purposes of Fica, a crypto exchange will be anyone, including an individual, who buys or sells crypto on behalf of a client, swaps one kind of crypto for another, or who" transfers a crypto asset from one crypto asset address or account to another", say selling bitcoin for ether.

experts have previously warned not all local crypto providers will survive the transition towards being fully regulatedSouth Africa has been scrambling to update laws and regulations to satisfy the requirements of the global Financial Action Task Team , which could grey-list SA for failure to have adequate safeguards against money laundering. The impact of that could amount toKeeping a close watch on transactions is not the only new obligation for crypto exchanges.

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