Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

South African regulator FIC tightens crypto asset transfer rules with latest directive

CointimeCointime2024/05/28 03:10
By:Cointime

The Financial Intelligence Centre (FIC) of South Africa has issued an instruction regarding the transfer of cryptocurrency assets. This instruction follows the licensing of 75 cryptocurrency asset service providers (CASP) by the South African Financial Sector Conduct Authority. FIC aims to tighten regulation by requiring CASPs to implement more detailed and stricter requirements for digital transactions. The scope of this instruction applies to institutions that facilitate domestic or cross-border transfer of cryptocurrency assets. As intermediaries, CASPs must comply with the new "travel rule," which requires the exchange of specific transaction details.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
APR up to 10%. Always on, always earning.
Stake now!