South Africa releases new regulations: digital asset platforms must collect identity information for encryption transactions, in order to be removed from the FATF grey list.

2024-11-20 08:51:19

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According to TechFlow news on November 18th, the Financial Intelligence Center of South Africa issued Directive No. 9, requiring digital asset platforms to collect and store identity information for cryptocurrency transactions, as reported by Bitcoin.com.

The instruction will take effect on April 30, 2025, aiming to assist South Africa in being removed from the Financial Action Task Force (FATF) gray list.

The gray list will affect the country’s reputation, increase financial Transaction Cost, and raise borrowing costs.

According to the instructions, the full names and Wallet Addresses of both parties to the transaction must be recorded, especially when the transaction amount exceeds $277 (5,000 Rand), the requirements are more stringent.

Altify CEO Sean Sanders expressed support for regulatory development, but questioned the setting of the $277 threshold, calling it the lowest in the world.

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