New South African regulation: Digital asset platforms must collect encrypted transaction identity information

On November 20, the South African Financial Intelligence Centre issued Directive No. 9, requiring digital asset platforms to collect and store identity information for cryptocurrency transactions. The directive will take effect on April 30, 2025, with the aim of helping South Africa be removed from the grey list of the Financial Action Task Force (FATF). This grey list can affect a country's reputation, increase financial transaction costs and raise borrowing costs. According to the directive, full names and wallet addresses of both parties in a transaction must be recorded, especially when transactions exceed $277 (5,000 Rand), where stricter requirements apply. Sean Sanders, CEO of Altify expressed support for regulatory development but questioned setting a threshold at $277 dollars stating that this standard is globally lowest.(Bitcoin.com)