New South African regulations: Digital asset platforms must collect identity information for crypto transactions

Odaily News The South African Financial Intelligence Center 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 and is intended to help South Africa remove itself from the Financial Action Task Force (FATF) gray list. The gray list will affect the country's reputation, increase financial transaction costs, and increase borrowing costs. According to the directive, the full names and wallet addresses of both parties to the transaction must be recorded, especially when the transaction amount exceeds US$277 (5,000 rand), the requirements are more stringent. Altify CEO Sean Sanders expressed support for regulatory development, but questioned the setting of a threshold of US$277, calling it the lowest in the world. (Bitcoin.com)