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19 April 2021

Ripple Partner Mercury FX Accepted Into 'First Cohort' of a South African Regulatory Sandbox – Emerging Markets Bitcoin News

Ripple Partner Mercury FX Accepted Into 'First Cohort' of a South African Regulatory Sandbox – Emerging Markets Bitcoin News


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Ripple Partner Mercury FX Accepted Into 'First Cohort' of a South African Regulatory Sandbox – Emerging Markets Bitcoin News.

South Africa’s Inter-governmental Fintech Working Group (IFWG) recently accepted Mercury FX, a UK-based e-money firm, into the first cohort of its regulatory sandbox.

However, according to a statement issued by IFWG, Mercury FX’s acceptance into “sandbox does not indicate a change in a firm’s licensing status or signal tacit or implicit approval of the product or service under consideration.” This, therefore, means Mercury’s test run of its service will still be “subject to certain limits prescribed by the relevant authorities.” Also, the testing “will in the main be done in terms of the South African Exchange Control Regulations.”.

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