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CRYPTO ASSETS: DRAFT DIRECTIVE OUT FOR COMMENT
- 18 April 2024
- Financial Sector
- SA Legal Academy
The Financial Intelligence Centre has issued a notice calling for input by 31 May 2024 on a draft directive imposing a ‘travel rule’ on accountable institutions engaging in crypto asset transfers on behalf of their clients. Once in force, the proposed new directive will apply to accountable institutions listed under items 12 (financial services providers) and 22 (crypto assets services providers) in amended Schedule 1 of the Financial Intelligence Centre (FIC) Act, 2001.
According to an accompanying consultation paper, the travel rule is in line with international Financial Action Task Force standards set with the aim of curbing money laundering, terrorism financing and the financing of weapons of mass destruction proliferation.
Against that backdrop, the draft directive outlines:
- the obligations of ordering, intermediary and recipient crypto asset service providers
- the procedures to be followed in obtaining, holding and communicating accurate originator and beneficiary information relating to crypto asset transfers, and
- the treatment of crypto asset transfers involving ‘unhosted wallets’.
Please click the links below for more information:
- notice
- draft directive
- consultation paper
- amended Schedule 1 to the FIC Act, 2001
Published by SA Legal Academy Policy Watch
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