South Africa’s Financial Regulator Is Planning Crypto Rules to Protect Vulnerable Population: Report

South Africa’s Financial Regulator Is Planning Crypto Rules to Protect Vulnerable Population: Report
South Africa’s Financial Sector Conduct Authority (FCSA) is preparing a regulatory framework for crypto to protect the more vulnerable members of its society.The regulator wants to establish rules on how crypto trading should be conducted, according to a Bloomberg report Friday.“What we want to be able to do is to intervene when we think that what is provided to potential customers are products that they don’t understand that are potentially highly risky,” FCSA commissioner Unathi Kamlana said.The regulations, which will be unveiled early in 2022, are being brought forward in response to two major scams that defrauded investors of significant…