🌟 Exciting News for South Africa!🇿🇦
The Financial Intelligence Centre has introduced “Directive 9,” which brings some important updates for cryptocurrency users. These new rules are designed to help keep our financial system safe and sound, especially since South Africa is now part of the Financial Action Task Force (FATF) "grey list."
Here’s What You Need to Know:
🔑 What is a "CASP"?
It stands for Crypto Asset Service Provider, and it includes anyone involved with cryptocurrencies, from companies to individual users. Everyone will need to do thorough customer checks before proceeding with any transactions.
Who Does Directive 9 Affect?
- Sender CASP: This is the place where the crypto asset sender has their account.
- Recipient CASP:This is the platform receiving the crypto assets for a customer.
- Intermediary CASP:Any service that transfers or receives crypto assets on behalf of another CASP.
💡 The Travel Rule:
This international guideline requires that all crypto transfers—whether domestic or international—include customer details for amounts over $273 USD. This means you'll need to provide information like your full name, ID or passport number, date and place of birth, home address, and wallet address.
CASPs will also be using real-time checks against global watchlists and may use methods like live authentication, video calls, or advanced biometric systems to ensure safety.
It's important for CASPs to be ready to reject or suspend any international transfers when necessary, and they’ll be supported by new measures.
🗓️ Mark Your Calendars:
These rules will come into effect on April 30, 2025. To ensure everything runs smoothly, those who don’t comply may face penalties.
To help everyone get on board with these changes, the VOCA platform will be introduced, managed through SearchWorks.
Stay informed and happy crypto trading! #news #crypto
The Financial Intelligence Centre has introduced “Directive 9,” which brings some important updates for cryptocurrency users. These new rules are designed to help keep our financial system safe and sound, especially since South Africa is now part of the Financial Action Task Force (FATF) "grey list."
Here’s What You Need to Know:
🔑 What is a "CASP"?
It stands for Crypto Asset Service Provider, and it includes anyone involved with cryptocurrencies, from companies to individual users. Everyone will need to do thorough customer checks before proceeding with any transactions.
Who Does Directive 9 Affect?
- Sender CASP: This is the place where the crypto asset sender has their account.
- Recipient CASP:This is the platform receiving the crypto assets for a customer.
- Intermediary CASP:Any service that transfers or receives crypto assets on behalf of another CASP.
💡 The Travel Rule:
This international guideline requires that all crypto transfers—whether domestic or international—include customer details for amounts over $273 USD. This means you'll need to provide information like your full name, ID or passport number, date and place of birth, home address, and wallet address.
CASPs will also be using real-time checks against global watchlists and may use methods like live authentication, video calls, or advanced biometric systems to ensure safety.
It's important for CASPs to be ready to reject or suspend any international transfers when necessary, and they’ll be supported by new measures.
🗓️ Mark Your Calendars:
These rules will come into effect on April 30, 2025. To ensure everything runs smoothly, those who don’t comply may face penalties.
To help everyone get on board with these changes, the VOCA platform will be introduced, managed through SearchWorks.
Stay informed and happy crypto trading! #news #crypto
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