Our view has changed to regulating (cryptocurrencies) as a financial asset. There is a need to regulate it and bring it into the mainstream, but in a way that balances the hype and with the investor protection that needs to be there.”

• Naidoo said the first step is to ensure that cryptocurrencies are declared as a financial product, which means they would fall under the purview of the Financial Intelligence Centre (FIA) and be monitored for money laundering, tax evasion, and terrorist financing activities.
• The SARB then plans to develop a regulatory framework for the exchanges in South Africa to allow for crypto listing, which would include traditional banking regulations such as Know Your Customer (KYC) rules and exchange control regulations.