South Africa’s pension funds will be prohibited from investing in digital assets directly or indirectly. This follows from a draft of rules prepared by the government, according to the Government Gazette.
Current rules allow investments in cryptocurrencies up to 2.5% of AUM within the broader category “other assets”.
The definition of cryptocurrencies excludes the possibility of investments, including in NFT.
Earlier Forklog reported on authorities’ plans to tighten oversight of the country’s cryptocurrency industry.
In January 2021, the Financial Sector Conduct Authority of South Africa brought forward for consideration a proposal to regulate digital assets.
Earlier, the governor of the South African Reserve Bank, Lesetja Kganyago declined to recognise Bitcoin as currency.
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