Will the new cryptocurrency Bill sweeten or sour the industry?

In the news: Cryptocurrency trades are due for regulation in the country PIC: THE ECONOMICTIMES.COM
In the news: Cryptocurrency trades are due for regulation in the country PIC: THE ECONOMICTIMES.COM

New legislation governing the trade of virtual assets such as cryptocurrencies, is due in Parliament next week, marking the country’s first official ‘acknowledgement’ of the trillion-dollar industry. Staff Writer, MBONGENI MGUNI, speaks to crypto veteran, Adams Moumakwa* on the implications of the Virtual Assets Bill

Mmegi: How feasible is it that the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) would attempt to license companies offering virtual assets such as cryptocurrencies to Batswana, given that in most cases these products are not offered by registered companies?

Moumakwa: For people who understand the principle behind cryptocurrency as established by its originators, licensing will always be interesting. However, licensing itself is not a strange intention. Virtual assets, especially cryptocurrencies, which are the real target of the Bill, are a specialised, highly technical area. Therefore, it is not entirely surprising that one would think of a licence because of the nature of the business, which plays in the financial services ground. Big cryptocurrency providers like Coinbase in the United States of America, are licensed to provide their services.

Editor's Comment
Government’s efforts commendable!

Since the news broke, the government made sure to work hand in hand with the South African government to assist the families of the victims. The two countries came together to help the families identify the bodies of their loved ones through DNA testing. The government also announced that they would assist families with food for mourners before the funerals.Even though the deceased persons were mostly residents of Molepolole, the government...

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