South Africa has begun to recognize cryptocurrencies as a financial asset

As we have informed you several times, the number of countries with a positive and more friendly attitude toward cryptocurrencies is increasing, while South Africa, for example, is considered one of the leaders in connection with the adoption of cryptocurrencies. It was the Reserve Bank (SARB), which is the central bank of this country, that began to pay more attention to the crypto world, and even though the crypto industry in South Africa had a long period of freedom in its development, it seems that this will change now. Indeed, the country plans to establish some regulations over the next 18 months and treat cryptocurrencies as an asset instead of a currency.

With more than 6 million South Africans holding some form of cryptocurrency, the SARB has decided to take action, with plans to approach several crypto exchanges in the country. Marius Reitz, CEO of global cryptocurrency exchange Luno for Africa, welcomed the regulations and believes they will strengthen the security of users in the country, adding that it will “make it easier for the public to identify a trusted and licensed platform.” It continues to appear that South Africa has a positive attitude towards cryptocurrencies as such and the new regulations have been met with a positive attitude.