Will South Africa’s Crypto Rules Reshape the Industry?

Question 1

What is the main reason for South Africa rewriting its draft crypto rules?

Accepted Answer

Thousands of public objections

Answer

Pressure from international bodies

Answer

Industry acceptance

Answer

Benefits to government tax revenue

Question 2

What do the current draft regulations in South Africa propose regarding cross-border crypto transfers?

Accepted Answer

Bring them under the same rules as other capital movements

Answer

Consider them illegal

Answer

Encourage unlimited transfers

Answer

Exempt them from any regulation

Question 3

What penalty could arise from breaching the proposed crypto regulations in South Africa?

Accepted Answer

Up to R1 million fine or five years in prison

Answer

Community service

Answer

No penalty

Answer

Mandatory training program

Question 4

What stance does Luno take on the proposed crypto rules?

Accepted Answer

They believe it will push activity into unsupervised channels

Answer

They support the changes

Answer

They have no opinion

Answer

They think it will reduce costs

Question 5

Who currently treats crypto assets as financial products in South Africa?

Accepted Answer

Financial Sector Conduct Authority

Answer

National Treasury

Answer

Financial Intelligence Centre

Answer

South African Reserve Bank