South Africa Adds Crypto Businesses to List of Accountable Institutions

Crypto exchange and custody businesses are among entities that will have to identify and keep records for new and existing clients.

AccessTimeIconNov 30, 2022 at 3:03 p.m. UTC
Updated Nov 30, 2022 at 8:36 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

South African lawmakers have added crypto businesses to the country's list of accountable institutions, according to an amendment document published on Tuesday.

Businesses that offer exchange services, or are responsible for taking care of the safekeeping of crypto will have to identify and define new and existing clients and keep records of their identity. The rule was added as an amendment to the country's Financial Intelligence Act of 2001 and will take affect on Dec. 19.

Regulators all over the world have been calling for improved standards and transparency in the crypto sector following the collapse of exchange giant FTX in early November.

In July, Kuben Naidoo, deputy governor of the South African Reserve Bank said the country would introduce a regulatory framework for cryptocurrencies. In October, South Africa classified crypto assets as financial products.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.