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.