South Africa issues new regulations: Digital asset platforms must collect identity information for cryptocurrency transactions, aiming to exit the FATF grey list

ChainCatcher news, according to Bitcoin.com, the South African Financial Intelligence Centre has issued Directive No. 9, requiring digital asset platforms to collect and store identity information for cryptocurrency transactions.

This directive will take effect on April 30, 2025, and aims to help South Africa be removed from the Financial Action Task Force (FATF) grey list. The grey list affects the country's reputation, increases the cost of financial transactions, and raises borrowing costs.

According to the directive, the full names and wallet addresses of both parties in a transaction must be recorded, with stricter requirements when the transaction amount exceeds $277 (5,000 rand). Sean Sanders, CEO of Altify, expressed support for regulatory developments but questioned the $277 threshold, calling it the lowest globally.