South Africa releases new regulations on cryptocurrency trading identity tracking, accelerating its exit from the FATF greylist

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PANews reported on November 20 that the Financial Intelligence Centre (FIC) of South Africa issued Directive 9, requiring digital asset platforms to collect and store the identity information of both parties in cryptocurrency transactions, including full names and Wallet Addresses. The regulation will take effect on April 30, 2025, and will apply to all transactions valued at less than $277 (approximately 5000 Rand). This directive aims to implement FATF’s ‘Travel Rule’ to prevent the illicit use of encryption assets for money laundering, financing terrorism, and other illegal activities. South Africa’s move is aimed at shaking off the impact of being listed on the FATF gray list since early 2023 and restoring international trust. However, Altify CEO Sean Sanders expressed doubts about the global minimum threshold of $277, believing that it may bring additional burdens to ordinary users.

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