According to Odaily Planet Daily, the South African Financial Intelligence Center (FIC) has proposed a directive on the transfer of crypto assets, following the South African Financial Sector Conduct Authority's licensing of 75 crypto asset service providers (CASPs). FIC aims to tighten supervision by requiring CASPs to implement more detailed and stricter requirements for digital transactions. This directive applies to institutions that facilitate domestic or cross-border transfers of crypto assets.
As an intermediary, CASP must comply with the new "travel rule," which requires the exchange of specific transaction details. This move is intended to strengthen the detection of illegal digital cryptocurrency transactions, but there are still concerns about centralization and data privacy risks when sharing sensitive information with external crypto exchanges.
