A clampdown on crypto is coming in SA

[SauRoNZA]

I'm also for regulation in that respect, however, I'm also extremely skeptical about regulation in general.
I do agree though, regulation does add confidencec etc. in it and could be good in the long run

Yeah look as has been illustrated the danger here would be a muppet who really doesn't understand how any of it works or worse cares for it at all, but if done even reasonably right it's not a bad thing overall.

Also much like the the stories about censoring the internet we all know that's impossible and likely much the same applies here.

 

[wingnut771]

They've been very pro regulation from the very start so have pretty much been waiting for this.

Or am I missing a deeper question?

No deeper question, I have an account with them but am hesitant to put any big money into them. I remember a while back some banks were closing their accounts with them. So you have big money in your wallet, how do you get it out if there are no major banks anymore?

 

[backstreetboy]

No deeper question, I have an account with them but am hesitant to put any big money into them. I remember a while back some banks were closing their accounts with them. So you have big money in your wallet, how do you get it out if there are no major banks anymore?

Send it overseas to a proper exchange and cash it out there?

 

[zolly]

Why does it need to be regulated?

Because the Guptas (and probably other criminals) have used it as a way to funnel money out of the country. Have this information from pretty reliable sources.

 

[wingnut771]

Send it overseas to a proper exchange and cash it out there?

Which exchange do you recommend?

 

[backstreetboy]

Which exchange do you recommend?

Use Google and search? Cex.io etc.

 

[PsyWulf]

No idea what you're on about, my crypto is safe and secure thankyouverymuch. No regulation needed.
Worth a kuk-ton too at the moment, not that I'm planning on selling anytime soon, or probably ever actually.

Since yours is fine everybody's is yeah? You are a clear cut example of the majority of the South African/world populace yeah?

My bad then carry on - clearly regulation is not required,you should let the lawmakers know though MY CRYPTO IS SAFE THUS THE COUNTRY DOESNT NEED YOUR SILLY REGULATIONS

Must admit that was a very convincing argument for deregulation of all industries. I'm converted

 

[Thor]

Brandon Topham is sorely mistaken.

 

[Thor]

I actually see this as a positive.


On that note when it comes to tax.

You always had to declare this, nothing has changed in that regard. You absolutely pay tax on crypto just like you do with any other investment be that property or a share or ETF through EasyEquities, there is virtually no difference.

 

[Z3120]

An attempt for the ground work to quadruple tax the movement of fiat.

Regulation has not stopped or prevented scams nor has it offered greater means of tracking paper transactions.

The consultants of opinion seem out of touch with the methods used to track movements & conversions of crypto assets.

They should concede that jurisdiction in other countries is where the shortfall is as opposed to knowing where crypto currency & fiat have been converted.

In all reality the tracking of the movement of currency is for the most part exactly what crypto currency offers.

Aside from using a dark exchange it's all entirely not as private as one is lead to initially think.

 

[ilikepi]

Its that same paranoid rhetoric why Finalmente,MTI and Finiko are so pervasive and able to steal people blind

You just trade a governmental thief with some legal protections for a random internet stranger and 0 coverage

I would agree with you that regulation to protect an industry or the end-user is good, if the goal of regulation is genuinely to manage the scammers, I'm all for it, but I'm sorry to say I have very little faith left in our leaders to develop policy that doesn't stagnate industry.

And as my original post said, I think our whole government structure right now is just one giant scam, you pay your deposit, but never receive your tupperware.....

 

[Goosfrabba]

As if he needed more reasons to hate us

 

[Herr der Verboten]

A clampdown on crypto is coming in SA

The Financial Sector Conduct Authority (FSCA) is planning to introduce strict measures to regulate cryptocurrency exchanges, advisors, and brokers.

One bullet one krypto?

 

[PsyWulf]

I have very little faith left in our leaders to develop policy that doesn't stagnate industry.

Registration and certification requirements seem to not have killed the regular Investment/Brokerage/FSPs thusfar. As I have it this would be to bring alignment and clarity across the board and more regulatory teeth rather than having another random MTI shill claiming their collective investment scheme which happens to have the word Crypto in the paperwork somewhere is thus "Crypto doesn't fall under any regulator and is untaxed" when buying themselves a 12 mil house and a 2mil car from their Ponzi donationsprofits

 

[Utterly Confused]

The people need protection against themselves. They cannot be trusted with their own money. Some poor granny will invest i this nonsense and lose her pension

She will lose her pension because the cANCer will take it, because they need the money.

 

[cda]

Why does it need to be regulated?

This new thing called money laundering and terrorist financing?

 

[PsyWulf]

This new thing called money laundering and terrorist financing?

Fabrications by the government boogieman to tax you brah

 

[Swa]

Yeah I don't know. A more ethical industry is a good thing but then the government has never been good in regulating anything they don't understand. So will wait for the final draft.

Also scammers and charlatans have never been stopped by regulations.

 

[saor]

The people need protection against themselves. They cannot be trusted with their own money. Some poor granny will invest i this nonsense and lose her pension

Aren't you the first to object to speed limits on roads? Maybe I'm confusing you for someone else. If you are it's strange to see you here advocating to protect some people with laws that apply to everyone. Not everyone needs to be governed by laws just because some people need such governance.