Cryptoassets regulation in Africa: RegTech and SupTech considerations

Article


Salami, I. 2020. Cryptoassets regulation in Africa: RegTech and SupTech considerations. The African Reinsurer. 34, pp. 26-33.
AuthorsSalami, I.
Abstract

The growth of Financial Technology (FinTech) and new Payments Products and Services is very welcomed as it brings numerous benefits both to businesses and consumers. These products and services, which include: prepaid cards, e-payments, mobile banking services, internetbased payment services and cryptocurrencies or cryptoassets – as they are referred to today – are associated with a myriad of challenges. Cryptoassets are of particular interest in the growth of FinTech as they took the world by storm at the launch of bitcoin in 2009
predominantly as a disruptive technology which was to disrupt traditional banking services.
The reason for this is that they have the potential to facilitate peer-to-peer payments including those occurring beyond national frontiers. In a decade since the introduction of bitcoin, there have been massive developments in the industry and the use of the underlying distributed ledger technology (DLT), blockchain, both within and beyond financial services.
This article examines cryptoassets transactions in Africa. It considers the case for their regulation and the challenges of regulating them. It assesses South Africa, Nigeria and Kenya – three countries where cryptoassets are widely traded. It examines the regulatory approaches in these countries and the extent to which regulatory technology (RegTech) and supervisory technology (SupTech) can be adopted in the supervision of this growing industry in Africa.

JournalThe African Reinsurer
Journal citation34, pp. 26-33
ISSN2467–7998
Year2020
PublisherAfrican Reinsurance Corporation
Accepted author manuscript
License
File Access Level
Anyone
Web address (URL)https://www.africa-re.com/library
Publication dates
Online25 Jul 2020
Publication process dates
Accepted19 Dec 2019
Deposited24 Sep 2020
Copyright holder© 2020 African Reinsurance Corporation
Permalink -

https://repository.uel.ac.uk/item/887v0

Download files


Accepted author manuscript
Reinsurer publication - Cryptoassets Regulation in Africa (2020).pdf
License: All rights reserved
File access level: Anyone

  • 564
    total views
  • 314
    total downloads
  • 7
    views this month
  • 2
    downloads this month

Export as

Related outputs

Challenges and Approaches to Regulating Decentralized Finance
Salami, I. 2021. Challenges and Approaches to Regulating Decentralized Finance. AJIL Unbound. 115, pp. 425-429. https://doi.org/10.1017/aju.2021.66
Financial Technology and African Capital Markets Post Covid-19
Salami, I. 2021. Financial Technology and African Capital Markets Post Covid-19. Journal of International Banking Law and Regulation. 36 (1), pp. 31-41.
COVID -19 Crisis in Africa: Leveraging FinTech and RegTech for Economic Recovery
Salami, I. 2020. COVID -19 Crisis in Africa: Leveraging FinTech and RegTech for Economic Recovery. Journal of International Banking Law and Regulation. 35 (10), pp. 410-420.
Book Review: Regulation of Cryptocurrencies and Blockchain Technologies: National and International Perspectives (London: Palgrave Studies in Financial Services Technology, 2018) by Rosario Girasa
Salami, I. 2020. Book Review: Regulation of Cryptocurrencies and Blockchain Technologies: National and International Perspectives (London: Palgrave Studies in Financial Services Technology, 2018) by Rosario Girasa. Journal of International Banking Law and Regulation. 35 (8), pp. 334-335.
Decentralised Finance: The case for a holistic approach to regulating the crypto industry
Salami, I. 2020. Decentralised Finance: The case for a holistic approach to regulating the crypto industry. Butterworths Journal of International Banking and Financial Law. 35 (7), pp. 496-499.
Alternative Financing Approaches and Regulation in Africa
Salami, I. 2019. Alternative Financing Approaches and Regulation in Africa. in: Makina, D. (ed.) Extending Financial Inclusion in Africa Academic Press.
From Bitcoin to Libra: A Global Public – Private Partnership Approach to Regulation
Salami, I. 2019. From Bitcoin to Libra: A Global Public – Private Partnership Approach to Regulation. The European Financial Review. pp. 39-42.
Book Review: The Law of International Finance 2nd edn (Oxford University Press 2017) (eds) McKnight, Paterson, & Zakrzewski
Salami, I. 2018. Book Review: The Law of International Finance 2nd edn (Oxford University Press 2017) (eds) McKnight, Paterson, & Zakrzewski . Journal of International Banking Law and Regulation . 33 (1), pp. 32-33.
Cryptocurrencies – Cross-border Financial Regulatory Dimensions
Salami, I. 2018. Cryptocurrencies – Cross-border Financial Regulatory Dimensions . The European Financial Review. pp. 46-49.
Terrorism Financing with Virtual Currencies: Can Regulatory Technology Solutions Combat This?
Salami, I. 2017. Terrorism Financing with Virtual Currencies: Can Regulatory Technology Solutions Combat This? Studies in Conflict and Terrorism. 41 (12), pp. 968-989. https://doi.org/10.1080/1057610X.2017.1365464
Cross-Border Issues and Regional Integration in Financial Regulation
Salami, I. 2016. Cross-Border Issues and Regional Integration in Financial Regulation. in: Oladapo, Olanipekun (ed.) Banking: Theory, Regulation, Law and Practice Nigeria Au Courant.
Banking Union Framework in the Economic Community of West African States (ECOWAS): a European Comparison
Salami, I. 2015. Banking Union Framework in the Economic Community of West African States (ECOWAS): a European Comparison. West African Journal of Monetary and Economic Integration. 17 (2).