Central Bank of South Africa wants to regulate cryptocurrencies

The South African Central Bank will seek to introduce a regulatory framework for cryptocurrencies, said Kuben Naidoo, deputy governor of the South African Reserve Bank (SARB). He also commented that such regulations could take 12-18 months, but some know-your-customer (KYC) rules and licenses for exchanges can be implemented sooner.

"Our vision has changed and now we consider it as a financial asset and we hope to regulate it as a financial asset," he said in a PSG Think Big webinar. A lot of money has come in and it needs to be regulated and brought into the mainstream."

“Once the ministers modify schedule one of the FIC (Financial Intelligence Center) law, then we can start moving. I think we can start to have some KYC rules. Some licenses may be granted to exchanges,” Naidoo said.