Xago, the South African-based XRP off and on-ramp exchange service, has implemented the management of crypto allowances becoming the first crypto service to do so in the country.
The platform, dubbed Xago’s Discretionary Allowances (XDA), comes after a collaboration with the South African regulatory body, IFWG, which saw Xago become one of only 6 companies to get onto the South African Regulatory Sandbox.
South Africa is one of only a few countries across Africa that are expected to have a regulatory framework for cryptocurrencies by 2021 with the goal of monitoring money-laundering and cross-border flows.
Speaking about its new XDA product, Mark Chirnside, CEO, Xago, said:
“Xago is extremely proud to be the first to implement the management of crypto allowances, referred to as Xago’s Discretionary Allowances (XDA), through our Platform.
Our collaboration with the IFWG has resulted in Xago proactively developing, monitoring and reporting on cryptocurrency transactions, including communication touch points guiding our clients through what we believe will be very close to the new regulation process.”
– CEO, Xago
Xago is very bullish that the upcoming South African regulation on crypto assets will be fair and the launch of XDA is a business decision based on these insights and not necessarily a regulatory requirement of the crypto marketplaces.
The first cohort of the IFWG Regulatory Sandbox saw 6 out of a total of 52 applications accepted. Xago was among the 6 solutions accepted onto the sandbox to help identify, refine, and eventually help the product get to market following a successful exit from the sandbox.
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