According to Mpumelelo Ndamane, the CEO of South Africa-based crypto wallet provider Nuud Money, the country’s elections will not have an impact on cryptocurrencies. He noted that South Africa has maintained stability over the past 30 years in ensuring the independence of the South African Reserve Bank and Financial Sector Conduct Authority (FSCA) from politics. Thus, he believes that the elections will not affect the crypto policy.
On the other hand, John McCarthy, the general counsel for global regulatory affairs at Fireblocks, stated that much of the development in South Africa’s digital asset sector has been aimed at addressing apolitical issues. He highlighted that the work has been carried out through an intergovernmental working body, largely free from political influence. The article also mentioned that the commission has set a deadline of November 30 for exchanges to apply for licensing.
Maurice Crespi, a partner at South Africa-based law firm Schindlers Attorneys, views this as a progressive step in regulating the digital asset space. The group is scheduled to report its findings to the government by December 2024.