Florida Senator Marco Rubio just issued a warning about the growing global economic alliance known as BRICS. In a new article on RealClearWorld, the Republican senator says the recent expansion of BRICS poses a threat to the SWIFT payment system and America’s ability to weaponize the dollar to sanction people and nations. “As of New […]
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The Financial Sector Conduct Authority reviewed 128 applications from crypto service asset providers.
South Africa’s principal financial regulator, the Financial Sector Conduct Authority (FSCA), reviewed 128 applications from crypto service asset providers (CASPs) but intends to discuss only 36 during its next meeting in December.
The numbers were published on Nov.
The fate of all the remaining applications wasn’t specified by the Authority, which explained its evaluation method as the combined assessment of Know Your Customer onboarding, data protection, cyber risk management, conflict of interest management, complaints handling, and credit counterparty risk management.
The FSCA also published its “Crypto Assets Markets Study” for 2023 on the same day, Nov.
Related: Kenyan lawmakers ask local Blockchain Association to come up with crypto bill
According to the survey, the average crypto asset provider in South Africa (46%) has an annual revenue of between 1 and 50 million South African rand ($53,000 to $2.7 million).
The highest monthly transaction value on the South African crypto market was recorded in November 2022, when it peaked at over 8 billion rand (around $427 million).
In July 2023, the FSCA warned that any CASP in the country should obtain a license by the end of the year.
Magazine: This is your brain on crypto.
A former Russian minister says a BRICS currency with unique attributes is nearly ready to launch. In an interview with TV BRICS, Sergey Glazyev says that the currency itself is almost complete, but it still needs support from all leaders of the economic alliance. According to Glazyev, some member nations have already thrown their weight […]
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Venture capitalist Chamath Palihapitiya says that he has a hard time seeing BRICS nations working together to achieve anything significant. In a new episode of the All-In Podcast, the business magnate says that even though BRICS is made up of economically aligned nations, there are stark differences among them that make any meaningful collaboration seem […]
The post Billionaire Chamath Palihapitiya Calls BRICS Nations ‘Polar Opposites’, Has Trouble Seeing Members Cooperating appeared first on The Daily Hodl.
Three more countries have reportedly joined Brazil, Russia, India, China and South Africa in their economic alliance known as BRICS. South African Foreign Minister Naledi Pandor tells Russian government-backed RT about BRICS’ expansion ahead of a Russia-Africa summit in St. Petersburg. The diplomat says countries seeking to join BRICS are drawn to the progressive ideals […]
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The list of countries looking to join the global economic alliance known as BRICS is now at 44, according to one of the group’s top insiders. Anlil Sooklal, South Africa’s top diplomat in charge of relations with the bloc, tells Reuters that on top of the 22 countries that have already formally asked to join, […]
The post 44 Countries Now Interested in Joining BRICS As Multipolar World Takes Shape: Report appeared first on The Daily Hodl.
South Africa’s financial regulator has announced that all crypto exchanges in the country must obtain licenses by the end of 2023.
Last week saw more rules and regulations emerge regarding digital assets. Thailand’s Securities and Exchange Commission issued new rules requiring digital asset service providers to warn customers of risks associated with cryptocurrency trading. The warning message must be clearly visible, and before customers can use the service, the business operator must arrange for the users to give consent and acknowledge the risks. Apart from a trading risks disclaimer, the new guidelines prohibit service providers from using customers’ funds for lending or investment.
The Monetary Authority of Singapore announced new requirements for crypto service providers to hold customer assets in a statutory trust by the end of 2023.“This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT [digital payment token] service provider’s insolvency,” the authority says.
South Africa’s financial regulator, the Financial Sector Conduct Authority, has announced that all crypto exchanges in the country must obtain licenses by the end of 2023. If crypto exchanges continue to operate without a license after the deadline, the regulator intends to take “enforcement action,” which may involve fines or the closure of noncompliant firms.
In Belarus, the Ministry of Foreign Affairs is working on legal amendments prohibiting peer-to-peer (P2P) transactions in cryptocurrencies like Bitcoin (BTC). The ministry argued that crypto P2P services are “in demand among fraudsters who cash out and convert stolen funds and transfer money to organizers or participants in criminal schemes.”
The Australian Securities and Investments Commission conducted searches at Binance Australia locations. The investigation was part of an ongoing probe of Binance’s now-defunct Australian derivatives business. Binance’s representative did not confirm or deny to Cointelegraph whether the company’s offices were searched or whether the company was aware of a local probe. “We are cooperating with local authorities, and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner,” a spokesperson for Binance Australia told Cointelegraph.
Financial regulators in Denmark are coming after cryptocurrency service providers, declaring that local banks cannot hold cryptocurrency to hedge against trading risks. The Danish Financial Supervisory Authority (DFSA) officially ordered local investment bank Saxo Bank to dispose of its own holdings in crypto. According to the DFSA, Saxo Bank offers its customers the opportunity to trade a number of cryptocurrency products through its platform. The firm also offers several crypto-linked exchange-traded funds and exchange-traded notes, the regulator said, adding that “it is possible to speculate on crypto assets.”
Twitter Payments, a subsidiary of Elon Musk’s Twitter social network, appears to have received its first money transmitter licenses after Michigan, New Hampshire and Missouri approved the company’s applications. A money transmitter license allows a company to provide transfer services or payment instruments. This differs from a license to conduct sales in that it’s meant to offer consumer protections for businesses that facilitate the transmission of money from one party to another, not just the purchase of products and services.
It remains unclear at this time exactly what offerings will be on tap if and when Twitter Payments eventually rolls out. The company applied for licenses in all 50 United States states, and there’s no clear timeline for the approval process.
South Africa reportedly becomes the first country on the continent to require that digital asset exchanges secure licenses.
South Africa's financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg.
Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana stated that the FSCA has received approximately 20 license applications since its recent opening, and expects more before the November 30 deadline, Bloomberg reported.
Kamlana further mentioned that if crypto exchanges continue to operate without a license after the deadline, the regulator intends to take "enforcement action," which may involve fines or closure of the non-compliant firms, according to the report.
The report quoted Kamlana as saying that introducing a regulatory framework for crypto products is a sensible approach due to the potential risk of serious harm to financial customers. According to Bloomberg, he expressed the need for time to determine the effectiveness of their measures and assured ongoing collaboration with the industry to refine and implement necessary changes.
This initiative means South Africa becomes the first country on the continent to require that digital asset exchanges secure licenses as crypto regulators and policymakers around the world continue to tighten the regulation belt around cryptocurrency.
The move affects several major trading venues that originated from South Africa, including Luno, owned by Digital Currency Group and Pantera-backed VALR. Global platforms such as Binance that operate in the country will also need to secure licenses.
The FSCA has been involved in crypto and fintech regulations, collaborating with an "inter-governmental fintech working group" consisting of major financial sector regulators and policymakers, including the National Treasury and the South African Reserve Bank.
The trend of intensifying regulations is not confined to South Africa alone. On July 3, the Monetary Authority of Singapore (MAS) announced that crypto service providers in Singapore are required to place customer assets into a statutory trust by the end of the year for secure storage. This action underscores a global shift towards more stringent regulation in the cryptocurrency sector.
Related: Crypto exchange Roqqu receives South African approval to expand operations
Cointelegraph has reached out to the FSCA for more information on this development and is yet to receive feedback at the time of publication.
Magazine: Bitcoin in Senegal: Why is this African country using BTC?
The economic coalition of BRICS nations is finalizing a plan to bring new countries into the group, according to an insider. In a new interview with Russian government-backed RT, South Africa’s BRICS sherpa Anil Sookal says he and others working within the group have been tasked with prioritizing and organizing an expansion effort for the […]
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Explore how the emerging economies of Brazil, Russia, India, China and South Africa cooperate in areas such as economics, development and global governance.
BRICS is an acronym that represents an alliance of five major emerging economies: Brazil, Russia, India, China and South Africa. Jim O’Neill, an economist at Goldman Sachs, coined the phrase in 2001 to emphasize the combined potential of these countries in the global economy.
BRICS is an informal alliance that strives to foster collaboration and communication among its member nations rather than a formal organization or alliance with a legally binding contract. Here’s an overview of the history, objectives and key aspects of the BRICS alliance:
O’Neill published a research paper titled “Building Better Global Economic BRICs,” which laid the foundation of BRICS. Due to their quick economic growth, massive populations and vast resources, O’Neill saw Brazil, Russia, India, China and South Africa as 21st-century economic powerhouses.
Related: How does the economy work?
Cooperation, development, and influence in world affairs are at the heart of the BRICS goals. The following are a few of the main BRICS goals:
The key aspects of BRICS encompass various dimensions that characterize the cooperation and influence of the group.
The BRICS countries account for a considerable share of the global population, landmass and gross domestic product. They are significant rising economies with enormous potential for economic expansion.
The BRICS group provides a forum for ongoing communication and collaboration among its members. It offers a platform for decision-makers to have conversations, share ideas and collaborate on projects.
The BRICS initiative seeks to increase trade and economic cooperation among its member nations. Initiatives, such as the BRICS Business Council, are used to attract investment, lower trade barriers and develop economic ties.
The BRICS have formed financial institutions, including the CRA and the NDB. These organizations fund infrastructure projects, finance international development and maintain the financial systems of their member nations.
The BRICS countries aim to have a political impact on the world arena. Member nations work together on global concerns, push for reform in institutions of global governance, and work to ensure that rising economies are more represented.
The BRICS countries support a system of global governance that is more inclusive and egalitarian. It aims to improve global financial institutions and advance a multipolar world order that more accurately represents the objectives and ambitions of developing nations.
The Goldman Sachs BRICS Fund was an investment fund launched by Goldman Sachs in 2006. It was designed to provide investors with exposure to the economies of the BRICS countries by investing in companies listed in these markets.
The fund aimed to capitalize on the rapid economic growth and development potential of the BRICS nations, which were identified as emerging economic powerhouses. It allowed investors to diversify their portfolios and participate in the growth of these economies.
Related: 5 basic principles of finance you should know
However, in 2015, Goldman Sachs decided to discontinue its BRIC fund due to an assessment that it would not experience significant asset growth in the foreseeable future. The economic challenges faced by the BRICS countries after the global financial crisis, such as Brazil’s economic slump, Russia’s struggles with low oil prices and sanctions, and China’s slowing growth, have led to a reassessment of the investment prospects in these markets. Despite the fading allure of the BRICS era, Goldman Sachs emphasizes that it remains committed to exploring opportunities in these emerging markets.
The upcoming BRICS Summit 2023 is poised to be a significant event in the field of international finance. There is anticipation surrounding the unveiling of a gold-backed digital currency, which could have a profound impact on the global payments landscape. The aim of the BRICS nations in introducing this alternative currency is to enhance their financial independence and reduce reliance on existing monetary systems, particularly the US Dollar.
BRICS efforts in forming alternative payment systems and reserve currency trade, partnership for win-win cooperation, a gradual rise of a non-dollar system, moving away from reliance on the US dollar, common BRICS payment system and an increase in trade with domestic currencies. pic.twitter.com/Cy77safdhX
— Dr Kish (@kishpatr1) June 15, 2023
If a unified digital currency is established among the BRICS nations, it could have far-reaching consequences for the global economy. Not only could it diminish the dominance of the US Dollar and euro in international trade and finance, but it could also provide emerging economies with an alternative avenue for conducting transactions.
Furthermore, the introduction of this new currency has the potential to strengthen economic ties within the BRICS bloc, fostering investment and growth. This, in turn, could promote increased trade and cooperation, offering potential benefits for the global economy as a whole.
