The Financial Intelligence Center and the Reserve Bank of South Africa cooperate to develop cryptocurrency anti-money laundering regulations

The Financial Intelligence Unit (FIC) is working with the South African Reserve Bank (SARB) to develop cryptocurrency anti-money laundering regulations. Mike Masiapato, FIC's executive manager for regulation and analysis, said that once the legislative framework is in place, suspicious transactions related to cryptographic assets must be reported. . In addition, the Financial Action Task Force (FATF) has urged the authorities to establish mechanisms to regulate cryptographic assets.