The adoption of cryptocurrencies as well as the entry of new players into the market has skyrocketed in just a few years.
He said that during lockdown, he had wanted to attend a two-day online course to learn how to pickle. “I had to pay R930 and I had to do an EFT. It took me 10 days and about five pages of paperwork — and this was dealing with rands. Similarly, if you want to change or trade across borders using crypto assets, there should be a similar regulatory environment. You can do it. We are not saying it’s not allowed, but there has to be a sense of reporting,” he said.
The first would be to bring crypto into the regulatory regime under the auspices of the Financial Sector Conduct Authority, and for the Financial Intelligence Centre to list it as part of a schedule under the Financial Intelligence Centre Act. According to Crouwel, there is a perfect storm of three main reasons for the rise in financial crimes in South Africa.
Finally, personal data in Africa has not been well protected compared with Asian and European markets, even though POPIA [the Protection of Personal Information Act] was recently introduced in South Africa. This makes it easy for people with bad intentions to get hold of personal information,” she said.Luno has nine million customers in 40 countries. In about 95% of its financial crime cases in January, customers had been scammed.
They're going to f%÷$/& it up for everyone
PhalaPhalaFarmGate
But they will totally skip the actual FIAT laundering!!!