South Africa Mandates Crypto Platforms To Collect User Data

According to Foresight News, South Africa's Financial Intelligence Centre has issued Directive 9, mandating digital asset platforms to gather and store identity information related to cryptocurrency transactions. This directive, set to take effect on April 30, 2025, aims to assist South Africa in being removed from the Financial Action Task Force's (FATF) grey list. Being on this list can harm the country's reputation, increase financial transaction costs, and raise borrowing expenses. The directive requires that the full names and wallet addresses of both parties involved in a transaction be recorded, with stricter requirements for transactions exceeding $277 (5,000 Rand). Sean Sanders, CEO of Altify, expressed support for regulatory developments but questioned the $277 threshold, noting it as one of the lowest globally.