Bitmart welcomes Crypto Regulation in SA amidst MTI collapse

Bitmart Welcomes Crypto Regulation in South Africa amidst MTI collapse.

Bitmart was established in 2015 as an innovative company that explored mining Bitcoin back in the day with Antminer S1, S3, and S4 machines that we imported and sold Mining hardware to the average Joe and Tinkers that wanted to explore Blockchain and Crypto Mining as a hobby. Bitmart now welcomes the Crypto Regulation set forth by the FSCA as the next level of growth and acknowledgment in the Crypto Space in South Africa. If you are new to Bitcoin check this guide out.

Crypto Regulation

Crypto Regulation

Since 2016 the Crypto mining industry has exploded worldwide with large organizations all competing for cheap power and space to set up mining farms across the globe. Unfortunately, the raging success of Bitcoin and Blockchain has also attracted a lot of dodgy players that start all kinds of schemes and MLM structures. Supposedly cloud mining companies like HashOcean and that was found out to take peoples Bitcoin and just pay them back to clients over time as the USD value of Bitcoin goes up brought shame and injury to the Bitcoin Mining Communities worldwide.

Mirror Trade International was a company that apparently developed a trading bot that could use your bitcoin as a Base Currency in a Forex trading account and then generate trading profits of up to 0.5% per day. And you would earn your profits in Bitcoin. This is crazy because it would mean that if such a bot existed really it would own all the Bitcoin ever minted in just 5 years of trading.

We at Bitmart believe that Crypto can solve lots of problems in the world and as it is in its mere infancy with most coins not even 3 years of age and Bitcoin now only 13 years since its inception was working with a very fragile and almost childlike environment. Bitmart has been constantly developing and building its tech to educate people and to help people understand the underlying technology of Crypto. With the scarcity of mining hardware to sell and the limitations in shipping during 2020 COVID-19 Lockdowns worldwide, we publish blogs to help them understand the metrics of exchanges and wallets and how to keep their coins safe and not to get scammed.

Like Dr Hannes Dreyer always say if you lose control your risk increases dramatically. He has a course on how you can outperform any unit trust out there. I am personally a student of Dr Hannes Dreyer and we have had many conversations about Crypto and investments and at the end of the day results are the only thing that matter and you as a person need to invest your time into yourself more than anything to build the skills you need to become a successful wealth creator and know what you are doing or you are simply like Dr Hannes says “confokulated”

Not a lot of people understand crypto and fall victim to scammers that build on their ignorance and the typical strategy of a scam is to start paying people so they tell their friends and then they start rewarding you for telling others to get involved. Any MLM like this is seen by the FSCA as a ponzi type scheme. On 20 November 2020, the Financial Sector Conduct Authority issued a draft Declaration of Crypto Assets as a Financial Product under the Financial Advisory and Intermediary Services Act 2002 (FAIS Act) you can read more here.

Bitmart is in the process of registering with the FSCA and our compliance company Masthead is assisting in the process. The reason why we are doing this is to protect our customers and to ensure we as a company have the tools and the guidelines to aid us in keeping the industry clean. For every person that had a good experience, he maybe tells 3 people but if one person was scammed by anyone he can tell up to a hundred people and this can potentially have damaging effects on the adoption rate of Crypto in our everyday lives in turn also delaying the problem-solving tech we would miss out on. SO in order to continue to publish content and educate people on Crypto-related Tech and Products that might be seen as advice, we’d rather play it safe, and if we ever develop a product or service that uses the underlying Blockchain tech we are already regulated to enable a smoot rollout.

Over the years we have partnered with various industry leaders and given the background of where we come from with roots in the website development industry and online retail space, Bitmart has expanded our services to online retail sales through our online shop delivering almost 10 000 products to our customers globally right here from Sunny South Africa, do take a look at the products we offer.

DISCLAIMER: Bitmart is not an investment firm, you cannot invest money with Bitmart. Our Bit4x Copy Trade Platform is a software service where you can copy the trades of master traders to your account and stay in control of the trades and your capital, the broker is Iron FX that renders the broker services, not Bitmart.  Bitmart does not offer financial advice – the Telegram Groups and Whatsapp Groups we own are merely for educational purposes and we share information and news freely available on the internet and social media platforms. All transactions are done in a manner where strict compliance regulation needs to be adhered to as well as AML compliance.

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