Poor regulation pushing South Africa’s crypto firms to relocate
Al Jazeera
Financial hubs like Singapore and UK are redrawing rules to lure crypto firms as digital currencies go mainstream.
The world’s biggest cryptocurrency scam of last year was a jolt to South Africa’s regulator — and not everyone will wait to see how it shakes out. As major financial hubs like Singapore redraw legislation to lure crypto firms and with the U.K. government facing calls to embrace digital currencies, South Africa’s burgeoning exchanges say they are having to move headquarters abroad due to uncertainty over potential government regulation. Behind the frustration is a lack of oversight and limits on marketing to potential customers. Revix, a Cape Town-based operator specializing in bundles of different coins, is shifting its head office to the U.K. and planning another location in Germany to fuel growth. Luno, Africa’s largest digital-currency platform, is registered in London and has a presence in Singapore.
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