South Africa plans to unveil cryptocurrency rules in 2022 - Bloomberg

While some financial regulators around the globe focus on exploring ways to regulate volatile digital assets, South Africa plans to release crypto rules early next year, Bloomberg reports. The rules will establish how trading digital tokens such as Ethereum (ETH-USD), Ripple (XRP-USD) and Litecoin (LTC-USD) should be conducted, FSCA Commissioner Unathi Kamlana told Bloomberg in an interview. South Africa's financial regulator will also examine how the tokens interact with traditional financial products, the risks to bank balance sheets and fiscal stability, Bloomberg notes. "What we want to be able to do is to intervene when we think that what is provided to potential customers are products that they don't understand that are potentially highly risky," Kamlana told Bloomberg. "We must be very careful to not just legitimize them." Meanwhile, the regulator is monitoring South African Reserve Bank's plans to develop its own stable coin, Kamlana said. "The best outcome in