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Wednesday, October 13 2021, 13:05 CAT | The regulation of crypto assets in South Africa is anticipated to be sooner rather than later and Xago, an innovative Fintech based in Cape Town, announces that it is now live with what it believes will be close to official crypto regulation in the country.

Since its inception in 2016, Xago has championed fair regulation of the crypto industry and has been engaging with the South African Regulators, and more recently, working with the Intergovernmental Fintech Working Group (IFWG).

“Xago is extremely proud to be the first to implement the management of crypto allowances, referred to as Xago’s Discretionary Allowances (XDA), through our Platform. Our collaboration with the IFWG has resulted in Xago proactively developing, monitoring and reporting on cryptocurrency transactions, including communication touch points guiding our clients through what we believe will be very close to the new regulation process,” announces Mark Chirnside, CEO and Co-Founder of Xago.

As of Monday, the Chinese judiciary is reportedly investigating how to convict activities related to cryptocurrency. In the last week of September, China announced a complete ban on cryptocurrencies, negatively effecting the value of Bitcoin, Ethereum and other coins. Chinese officials have taken steps for years to crack down on crypto with mixed effects and the global cryptocurrency market made a swift comeback, recouping its losses.

There can no longer be any doubt, crypto is here to stay and is, most likely, the future of money. The world is already well into the advance of digital currency and banks are realising that cryptocurrencies will have a fundamental effect on the way money is transferred around the globe. “In a world where customers hold the upper hand somewhat, digital trade and transactions have to be cost effective, efficient, secure and super-fast. We believe that fair regulation of crypto assets will enable us to deliver these requirements to all consumers,” confirms Chirnside.

James Preston is the Executive Editor of Global Crypto. He is a writer and media commentator who has been reporting on how the Tech industry will make the world a better place for 14 years, with a large following on South African radio. He is an early adopter of Bitcoin, and began reporting on its revolutionary capabilities in late 2014. Philosophical by nature, he is intrigued by how the world works, and in turn, how it can be bettered. James believes wholeheartedly that the world can become as close to perfect as we humans can imagine, but it will take a lot of effort (and time) to get there. He believes his life purpose is to inspire people to believe this, and find their place in helping humanity achieve it. James regularly does talks on emerging technology and its impact on society at Universities, global conferences, and events. To invite him to speak at your event, or comment for your media outlet, email