South Africa’s deputy governor Kuben Chetty confirmed that the new regulations will take effect over the next year. (Reporting via gazza_jenks)
. In correspondence with Cointelegraph, Reitz welcomed the regulatory move and believes it will create a safer environment for users in the country:
Reitz said that Luno was in a fortunate position to preempt regulatory changes in South Africa, given that the company operates in a variety of markets globally that already have strict regulatory guidelines like Malaysia and Singapore. Reitz also suggested that more exchanges could make use of proof-of-reserves verification. Although not required as a law, Luno undertook an audit of its crypto holdings to confirm custody of customers’ assets to provide an added level of trust to customers.
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