Why South Africa proposed crypto regulation ammendment

[Flow-er]

The regulatory scrutiny is been enforced in the countries that chose not to ban cryptocurrency. The regulations is a preferred option and that is what the cryptocurrency community wanted and it us far better than banning that was taken by so many countries. We have seen countries proposing crypto regulations and we have also seen countries who already have the crypto regulation Bill passed into law, getting ready for the ammendment phase as cryptocurrency evolve. The regulations will increase the number of cryptocurrency holders and it will also create avenue for confidence on the part of the cryptocurrency holders and financial investors.

The South African government has passed the bills on crypto regulations but with the evolving development around cryptocurrency, the need for Bill ammendment is necessary. This is normal in a new niche as there will be trial and error. This will give rise to the creation of new laws to cover for the discovered flaws. A proposed ammendment Bill was presented to the South African Treasury for minor changes. It was expected to cover crypto assets service . The essence of the regulations is to prevent money laundering and to curb the funding of insurgency and terrorism via cryptocurrencies.

 

[Lens1000]

Many countries are starting to look into the world of cryptocurrencies. Many prefer to choose regulation as against the banning. So , regulation will solve all the problems attached with cryptocurrency and that's definitely the best way to address the lingering issues around cryptocurrency. Regulations is far better than banning.