Author: Kritika Mehta

Just months after escaping the Financial Action Task Force (FATF) ‘grey’ list, South Africa risks getting back on the list again. According to reports, the country recently discovered corruption by law enforcement officials. This could put it on the FATF radar as the international body moves toward onsite verification next year. FATF To Launch Evaluation Into South Africa Soon The development coincides with South Africa’s next FATF mutual evaluation. It will review the effectiveness of safeguards against money laundering and terrorist financing that the country has in place. Moreover, the state of reform in the past five years is being…

With African governments still developing policies on digital assets, blockchain advocate Rume Ophi weighed in on the crypto regulation narrative. He suggests that the best way to regulate crypto is to work together instead of restricting. Ophi shared his insights on how regulators can boost innovation and safeguard consumers while maintaining a level playing field for all stakeholders. In a conversation with CoinAfrica publisher Louis Dike, Ophie emphasised the importance of creating policies that address the distinct economic challenges Africa faces. ‘Regulate, Not Strangulate’: Rume Ophi On Good Crypto Regulation In Africa Ophi summed up his philosophy on crypto regulation…

South Africa’s financial regulator has issued a warning against Fast Profit Income. It issued an alert to the public about the crypto and forex investment products the business offers. South Africa Regulator Flags High-Return Investment Claims According to the Financial Sector Conduct Authority (FSCA), it has received information regarding a proactive approach by Fast Profit Income towards the public with investment opportunities. The investment options include those related to digital assets and foreign exchange trading. The regulator says that the company offers high-return investment packages on its website. It is promising investors “invest and earn up to 200% of their…

The latest GDP growth rate data for South Africa, which is expected to be released on Tuesday, June 9. Thus, the crypto market is awaiting any clues into the direction of the economy and the likely path for the country’s monetary policy. South Africa is projected to see the real GDP growth continue to be modest in 2026. The softer expectations coincide with markets around the world facing inflationary pressures and high interest rates. Also, geopolitical uncertainty associated with the continued conflicts in the Middle East is another factor. What Are The GDP Growth Rate Expectations For South Africa? Despite…

The South Gauteng High Court in Johannesburg has made a landmark ruling for Bitcoin. It noted that BTC is “money” and “capital” under the South African exchange control framework. This Bitcoin court ruling could impact the legal standing of crypto transactions involving overseas transfers. The ruling was made following an application filed by crypto trader, Square Mangundhla and Fungai Dangaiso. They aimed to set aside a forfeiture order issued by the South African Reserve Bank (SARB) after it transferred Bitcoin to foreign cryptocurrency exchanges. Court Says SARB Forfeiture Is Valid The disagreement was based on transfers made between January 2018…

The Financial Intelligence Center (FAFIR) in South Africa has confirmed that crypto and stablecoins are not legal tender. Authorities agreed that crypto is becoming a growing part of the nation’s financial system but stuck to their ruling. For this, South African Reserve Bank (SARB), and the Financial Sector Conduct Authority (FSCA) made a joint statement. They said crypto assets are neither money under South Africa’s National Payments System (NPS) Act nor funds. In plain words, it means they cannot currently be treated as legal tender. The regulators also said the country is doing analytical work to evaluate the regulatory framework…

Binance has named former Visa and M-PESA executive Sammy Mutua as its General Manager of Africa. It offers the seasoned fintech expert a new challenge in one of the crypto industry’s most popular markets. The decision is part of the exchange’s efforts to expand its footprint in the African continent amid harsh regulatory affairs. Mutua Brings Experience From Working With Visa & M-PESA To Binance Mutua has over 20 years’ experience in the financial services sector in Africa. Earlier, served in key roles at M-Pesa Africa, Visa Sub-Saharan Africa, and the Letshego Group. Now he has joined Binance as the…

In the Africa crypto market, the number of partnerships in the area of stablecoins, compliance, and digital payment infrastructure are increasing. This surge comes as companies look to connect traditional financial markets with blockchain technology. The sector has, recently, focused more on regulated growth and institutional adoption in markets across Nigeria, South Africa, Kenya, and others across Africa. Africa Crypto Market Records Surge In Company Partnerships According to a board director at Zaed Consulting, Ebubechukwu A.U., a new compliance-focused collaboration is set to come together in the African crypto market. A post on X revealed that it will soon announce…

Coinbase is entering a new banking partnership with Standard Chartered to enhance the movement and management of capital in global markets by institutional clients. The partnership opens up more fiat payment systems. It enables professional investors to gain access to more currencies and settlement options on Coinbase’s institutional platforms. Why It Matters The pact is coming as institutional investors increasingly enter digital asset trading globally. For context, large investors expand their activities to spot markets, derivatives markets, and financing mechanisms. Hence, there is a growing demand for more rapid and efficient financial flows between currencies and jurisdictions. That new setup…

On May 28, Bitcoin (BTC) price trended down and dipped below $72,000 driven by broad selling in the crypto sector, which resulted in a wave of liquidations. The BTC price fell as low as $72,493 in the last 24 hours. At press time, the Bitcoin price was trading at $72,884, according to data from CoinMarketCap. It led to a 2.68% drop its value. The recent sell-off had over $120 billion erased from the crypto market and quickly forced leveraged traders out of their positions. Data from liquidations on Coinglass indicates that crypto liquidated by total was approximately $923.46 million over…