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A total of 8,000 bitcoins belonging to Mirror Trading International (MTI) have been traced while an additional 29,000 bitcoins could soon meet a similar fate. The traced coins, which are valued at over $280 million (4 billion rand), represent a potential breakthrough for beleaguered MTI investors. Liquidators Want Court to Declare MTI a Ponzi Scheme … Read more
South Africa’s Johannesburg Stock Exchange (JSE) has rejected a request by the asset management firm, Sygnia, to list a new bitcoin exchange-traded fund (ETF). In justifying its rejection of the latest proposal by Sygnia, the JSE cites the “lack of a regulatory framework for cryptocurrencies as the reason.” Unexpected Rejection Meanwhile, a report suggests that … Read more
Fresh reports from South Africa suggest that a total of 1,200 bitcoins belonging to the now-defunct Mirror Trading International (MTI) were recently transferred from FX Choice to an appointed liquidator. The reports add the transfer had been sanctioned by the Financial Sector Conduct Authority (FSCA), the country’s financial industry regulator. Confirmation of the Transfer According … Read more
The South African financial regulator has published a draft declaration of crypto assets as financial products. The regulator says South Africa has experienced “an exponential increase in the provision and use of crypto assets.” South Africa’s Crypto Regulation South Africa’s Financial Sector Conduct Authority (FSCA) announced Friday that it has published “a draft declaration of … Read more
South Africa’s top financial regulators, including the South African Reserve Bank, have jointly released a policy paper with 30 recommendations for the regulation of cryptocurrency and related service providers. They aim to be in compliance with the cryptocurrency standards set by the Financial Action Task Force (FATF). Top Regulators Publish Crypto Regulatory Policy A number … Read more
