The South African central bank encourages the country's banks to cooperate with encrypted exchanges

[South African central bank encourages the country's banks to cooperate with encrypted exchanges] On August 19, the South African Reserve Bank (SARB) (the country's central bank)'s Prudential Authority issued guidelines to its affiliates in efforts to prevent illegal activities, including Banks should provide banking facilities for cryptocurrency exchanges. The official notification was signed by Fundi Tshazibana, Chief Executive Officer of the Prudential Authority.

The notice suggested that such behavior could lead to greater risks in the long run. In the past, certain South African banks have cut ties with what the documents describe as “crypto-asset service providers” (CASPs) due to unclear regulations or higher risk factors. However, the notice emphasized that the risk assessment does not mean completely abandoning cryptocurrencies. The document reads: A risk assessment does not necessarily mean that an institution should seek to avoid the risk entirely, for example, by terminating client relationships across the board, which may include CASPs. (Techcentral)

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