South Africa: FinTech

South African fintech is entering a new phase where payments are becoming increasingly digital, embedded, and device-led, moving beyond traditional cards and cash.

South Africa's central bank is prioritising the modernisation of existing payment infrastructure over the immediate introduction of a retail central bank digital currency.

South Africa's Reserve Bank has proposed a new regulatory framework that could fundamentally reshape how fintech companies access the national payment system.

The growing interest in stablecoins is not difficult to understand. Most market participants are not looking for volatility. They are looking for the efficiency of digital assets without the instability that has come to define much of the crypto market.

The recent lawsuit against JP Morgan Chase has attracted attention not simply because of the value involved, but because it serves as a reminder that even major financial institutions...

The Intergovernmental Fintech Working Group (“IFWG”) has published a discussion paper examining how existing South African financial regulatory frameworks apply to rand-pegged stablecoin arrangements (“Discussion Paper”).

Below, please find issue 132 of ENS' Tax in brief, a snapshot of the latest tax developments in South Africa.

The South African Revenue Service (SARS) has significantly escalated its efforts to enhance tax compliance in the crypto sector by issuing tax notices and clarifying exchange control regulations.

A new "Uniform Banking Law" ("Loi Bancaire Uniforme") ("Uniform Banking Law") has been adopted to unify banking law by the Monetary Union ("Union Monétaire Ouest Africaine") ("UMOA")...