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Although more individuals, organizations and companies know the cryptocurrency than ever before, the truth is that many countries do not know exactly how to regulate the sector. There are countries that immediately see cryptocurrency as a threat, while others are trying to quickly make sure to embrace blockchain and cryptocurrency to boost their local economy.
It seems that South Africa is finally taking steps to explore how to regulate cryptocurrency. In particular, the South African government has established a regulatory work group on crypto assets.
Comments from the finance minister
South Africa's finance minister, Tito Mboweni, said the group will soon publish a document. He has declared: "It is expected that, following a broad commentary and industry participation, the regulatory cryptographic assets working group will be ready to publish a final research paper on the subject during 2019."
He also pointed out that the South African Revenue Service will soon implement cryptocurrency options in its tax forms and will present a concrete way for those who trade / invest in cryptocurrency to pay taxes.
General interest
For some contexts, it should be noted that many South Africans are not only aware of cryptocurrency, but a significant proportion of them consider cryptocurrency as a positive way to accumulate wealth. In a poll conducted at the beginning of this year, it was revealed that 38% of respondents "wished to have invested in" cryptocurrency. Moreover, the majority of respondents – over 70% – stated that "You can make a lot of money with them".
A new cryptocurrency trading platform named Valr is also planning a launch in South Africa, in collaboration with the well-known Bittrex cryptocurrency exchange. Apparently the platform will use machine learning and artificial intelligence to aid in identification. The CEO of Bittrex, Bill Shihara, said of the partnership: "Our partnership with VALR offers us the opportunity to guide the adoption of this technology in new markets".
