LEO12 Reports on ‘ SARB’s guidance notice will lead to massive opportunities for South African crypto participants’
Johannesburg, South Africa, September 16, 2022 – (SEAPRWire) – LEO12 has released a report on ‘ SARB’s guidance notice will lead to massive opportunities for South African crypto participants’. Crypto asset exchange LEO12 evaluates that the SARB’s guidance notice have begun the first stage of the crypto industry’s development in South Africa.
With the crypto space maturing rapidly, regulators around the world are accelerating efforts to either embrace or regulate crypto assets.
The South African Reserve Bank’s Prudential Authority has issued a guidance note to banks discouraging them from cutting off companies that offer cryptocurrency services.
South Africa’s main banking industry regulator, the Prudential Authority, has said some banks’ decisions to terminate relationships with crypto entities “may pose a threat to financial integrity in general.” In addition, the regulator suggested that avoiding cryptocurrency entities completely could potentially weaken banks’ risk management processes.
According to the officials of LEO12 exchange, “Many other central banks and financial institutions around the world now adhere to policies to tighten regulations on the crypto sector. Therefore, we welcome this SARB’s guidance note very positively. This means that the South African government is convinced of the development of the crypto industry and intends to take the lead in Africa. We look forward to South Africa becoming the most innovative crypto industry hub in Africa.”
“We fully understand that banks are a key service provider for crypto asset businesses, connecting users with local fiat money. And the proper regulations provide trust to crypto operators and users, helping the market growth. The SARB’s guidance note is the first step in promoting cooperation between banks and crypto operators, and we hope this will help more people in South Africa get one step closer to Crypto.”
“The top priority for the LEO12 exchange is to ensure that our customers trade their assets safely and to prevent illegal money laundering. To do so, we believe that it will be easier to work with crypto operators and existing banks under some clear regulations to provide customers with more solutions, giving them confidence in crypto. It’s paradoxical when you think about the ideology of crypto and blockchain technology, but if you look at crypto from a financial perspective.”
LEO12 is conducting a safe and reliable crypto asset service to customers in South Africa within the regulatory frameworks of the Financial Sector Conduct Authority (FSCA) and the Intergovernmental Fintech Working Group (IFWG) and is constantly commenting when FSCA designs the regulatory framework.
LEO12 also strengthened monitoring and reporting of crypto asset transactions by completing the goAML registration (REF/SHREG-220210-0000053) in February 2022 to prevent money laundering and terrorist financing in accordance with the Financial Intelligence Centre (FIC).
About LEO12 crypto exchange
LEO12 exchange is a digital asset trading platform based in South Africa.
LEO12’s aim is to use blockchain and digital assets to allow all users to access fair financial services, regardless of their location in the world or their economic position, especially in the African continent.
Launched in 2021, LEO12 offers popular cryptocurrency trading such as Bitcoin, Ethereum, USDT, Ripple, Litecoin, Filecoin and 12 trading pairs with deep liquidity, competitive execution rates, and low fees.
As a customer-centric exchange, LEO12 pursues to offer features that promote ease of use for African crypto users. Team LEO12 provides that users can purchase digital assets with ZAR within an hour and provides high-speed, stable performance, and a smooth experience of deposit and withdrawal.
LEO12 is available on Desktop, Android, and iOS
Contact: Rendani Ramaphosa
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