Regulation of the Crypto Industry in South Africa intensifies
Due to the MTI case, another big crypto scam that took place in South Africa, African regulators decided to become real hard on the industry. That made crypto companies seek for a safer place to base their activities. New safe havens like Singapore and UK that are interested in providing opportunities for digital finance, now look more attractive for them.
The lack of proper regulation isn’t good for the reputation of the crypto industry, and people are eager to seek crypto companies that are based in regions that can do better than South Africa. Sadly, it’s not the first case of the crypto scam related to this country. On the one hand, the lack of proper regulation is a good field for scam projects, on the other hand, being too strict is bad for the industry’s development.
Anyway, it’s good that South Africa at least started the attempts to regulate the field, but it still fails to provide the clarity and reasonable rules for the exchanges and investors. Therefore, this country can’t be called safe for the industry at the moment.