We can be hopeful that crypto spring will blossom
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GUEST – Brent Petersen - Head of South Africa & Legal Lead EasyCrypto.com
South Africa’s crypto assets market is currently unregulated, but not for much longer. In July 2022, the South African Reserve Bank announced that they intend to implement proposed amendments within the next 12 to 18 months that will provide a legal framework that will regulate crypto assets for industry players, stakeholders, and investors in South Africa. This will be the regulators first attempt to bring crypto assets into the South African regulatory space, which means they need to ensure they get the fundamental laws and regulations right from the outset. Last year, African start-ups raised around $5.2 billion. At least $2 billion from that amount went to fintech start-ups, with $127 million dedicated to crypto ventures. Despite this high figure, Africa still only accounted for 0.5% of global blockchain funding, highlighting the growth potential of this market.
South Africa’s crypto assets market is currently unregulated, but not for much longer. In July 2022, the South African Reserve Bank announced that they intend to implement proposed amendments within the next 12 to 18 months that will provide a legal framework that will regulate crypto assets for industry players, stakeholders, and investors in South Africa. This will be the regulators first attempt to bring crypto assets into the South African regulatory space, which means they need to ensure they get the fundamental laws and regulations right from the outset. Last year, African start-ups raised around $5.2 billion. At least $2 billion from that amount went to fintech start-ups, with $127 million dedicated to crypto ventures. Despite this high figure, Africa still only accounted for 0.5% of global blockchain funding, highlighting the growth potential of this market.
