TechFlow news, November 20 — According to Bitcoin.com, the South African Financial Intelligence Centre has issued Directive No. 9, requiring digital asset platforms to collect and retain identity information related to cryptocurrency transactions.
The directive will take effect on April 30, 2025, aiming to help South Africa be removed from the Financial Action Task Force (FATF) gray list.
Being on the gray list damages national reputation, increases financial transaction costs, and raises borrowing costs.
Under the directive, the full names and wallet addresses of both parties in a transaction must be recorded, with stricter requirements applying when transaction amounts exceed $277 (5,000 ZAR).
Sean Sanders, CEO of Altify, expressed support for regulatory developments but questioned the $277 threshold, calling it the lowest globally.
