I-JSE ichaza iMithetho yokugcinwa kweBitcoin
Kwiminyaka emine i-JSE yayingavumelekanga ukuba idwelise nantoni na ebhekiselele kwi-asethi ye-crypto, kwaye nge-4 Septemba 2025 loo mnyango waqala ukuvula. Utshintshiselwano olupapashiweyo izilungiso ezicetywayo kwiTyala kunye neeNgcaciso zoLuhlu lwezoKhuseleko eziya kuthi ekugqibeleni zivume ukutshintshiselana ngamanqaku otshintshiselwano kunye neengxowa-mali zokulandelela ii-asethi ze-crypto ezivunyiweyo ezifana ne-Bitcoin. Imithetho ingqongqo apho ibala khona. Ubuncinci i-90% yengqekembe emva kwemveliso edwelisiweyo kufuneka ihlale kwindawo yokugcina ebandayo, amaxabiso kufuneka aphume kwisalathiso esifanelekileyo kunotshintshiselwano olunye, kwaye yonke indalo okanye ukukhulula kwenzeka ngemali. Le yinkqubo endiyifundele abathengi ukuze bakwazi ukuxelela imveliso egcinwe ngokwenene kwibango lentengiso.
Ukuthathwa okungundoqo
I-JSE iphakamisa ukuba nayiphi na imveliso ye-crypto edwelisiweyo ibambe ubuncinane i-90% yemali engaphantsi kwisitoreji esibandayo, intengo yayo isalathiso esithathwe kwiiplatifti ezininzi ze-vetted kunokuba utshintshiselwano olunye, limisele umenzi wemarike kunye nenkqubo yokudala kunye nokuhlawulela ngemali kuphela. Ngumgangatho onzima wogcino kwaye ikuxelela kanye into omawuyifune kuyo nayiphi na iBitcoin. Kukwafanelekile ukunyaniseka malunga nomahluko phakathi kokuba nesabelo kwingxowa-mali ebambe ingqekembe kwaye ubambe ingqekembe ngokwakho, izitshixo kunye nazo zonke. Imigaqo yenza imveliso edwelisiweyo ikhuseleke. Abayenzi into enye.
Izimvo zoluntu zavalwa nge-6 ka-Okthobha 2025 kwaye imigaqo yokugqibela ilandela ukusuka apho. Ulwalathiso aluthandabuzi.
Eyona nto icetywayo yi-JSE
Qala ngento etshintshileyo, kuba utshintsho lukhulu kunomda omnye. Kuze kube yile ndibano kwakungekho ndlela yengxowa-mali okanye inqaku elibhekisela kwi-Bitcoin ukuba idweliswe kwi-JSE nonke. Isizathu sasiSincomo se-23 kwiphepha lesikhundla se-2021 esivela kwi-Intergovernmental Fintech Working Group, eyathi ngokucacileyo ukuba izibambiso ezibhekiselele kwi-crypto assets akufanele zifakwe kuluhlu kude kube yingozi echanekileyo. Elo cebiso ligcine ucango lwengxowa-mali luvaliwe iminyaka ngelixa indlela yenkampani kanondyebo, endiyikhuphe kwisiqwenga sam Inkampani yokuqala yaseAfrika edweliswe nguJSE yeBitcoin, uhambe ngeBitcoin kutshintshiselwano ngoluhlu oluqhelekileyo lwe-equity endaweni yoko. Izilungiso ze-4 Septemba 2025 ziyi-JSE ephendula imingcipheko I-Recommendation 23 ephakanyisiweyo, inqaku ngenqaku.
Inani le-90% lilo elihambayo. Ngaphantsi kwezindululo i-crypto fund edwelisiweyo kufuneka ibambe ubuncinane i-90% yemali ephantsi kwindawo yokugcina ebandayo, oku kuthetha ukuba i-wallet ye-depository engaxhunyiwe kwi-intanethi kunye nezitshixo zangasese zigcinwe ngaphandle kwenkqubo exhunyiwe kwi-intanethi. Apho umniki-nkonzo asebenzise ilungiselelo kuthiwa lilingana nogcino olubandayo endaweni yogcino olubandayo ngokwalo, elo bango alinakuvela nje libangwe. Umntu wesithathu oqeqeshwe ngokufanelekileyo kufuneka ayiphicothe, ingxelo yophicotho-zincwadi iya kwi-JSE nakwiwebhusayithi yalowo ukhuphayo phambi kokuba idweliswe, kwaye ihlaziywa minyaka le kunye neengxelo zemali zengxowa-mali. Ke ukuvezwa kwe-intanethi, indawo i-hacker enokufikelela kuyo, ifakwe kwishumi, kwaye ilungiselelo elibambe yonke into liqinisekisiwe kwirekhodi kunokuba lithathwe ngokuthembana.
Kukho enye imeko ezolileyo efanele ukuqwalaselwa. Izindululo zivumela kuphela imveliso edwelisiweyo ukuba ibhekiselele kwi-crypto asethi i-JSE ivunyiwe ngokukodwa, kwaye olo luhlu luvunyiweyo luhlala kwiwebhusayithi yotshintshiselwano kunokuba lushiywe kwingqiqo yomniki. Ke umntu okhuphayo akanakuyila imveliso ejikeleze ithokheni ethile engacacanga kwaye ayigqithise njengesixhobo esilawulwayo. Indalo yonke into enoluhlu itsalwa ngokutshintshiselana, into encinci kwiphepha kunye nento enkulu ekusebenzeni, kuba ibeka umgcini wesango apho ukuphendula khona.
Ugcino sisiqingatha kuphela sayo.
Kutheni imithetho yamaxabiso ibalulekile nje ngevault
Olona loyiko lwe-JSE ayibobusela kuphela. Lixabiso eliqhekekileyo. I-Bitcoin irhweba kumakhulu eendawo, uninzi lwazo olungalawulwayo kwaye lubhityile, kwaye ixabiso elitsalwa kwenye yazo lingatyhalwa ngapha nangapha nguye nabani na onobungakanani obaneleyo kunye nomonde. Ke izindululo ziyakwalela amaxabiso emveliso edwelisiweyo kutshintshiselwano olunye. Ixabiso elisetyenziselwa ukuxabisa ingxowa mali kufuneka lisuke kwisalathiso se-asethi ye-crypto umnikezeli wayo ohambelana nokuba yi-EU Benchmark Regulations okanye i-IOSCO Principles ye-Financial Benchmarks, kwaye imithetho yayo idonsa amaxabiso ereferensi kubanikezeli benkonzo abafanelekileyo abaninzi kunokuba ibe yindawo enye ethandwayo.
Ezo ndawo kufuneka zithole indawo yazo kwisalathiso. Kufuneka zibe ngamaqonga abekwe kwindawo esembindini anobunikazi obungafihliyo, ngokuxhomekeke kumthetho wokumazi umxhasi wakho kunye nomthetho ochasene nokuthutyeleziswa kwemali, ubungakanani obubekiweyo kunye nobutyebi, obuqhuba ukufunyanwa kwexabiso lexesha lokwenyani kunye nohlobo lokucupha kunye nokhuseleko lwe-cyber onokuyilindela kutshintshiselwano olunzima.
Amaqonga kuluhlu lwezohlwayo aphumile. Iqonga eliye lafumana ukophulwa okubalulekileyo kwiinyanga ezilishumi elinesibini ezidlulileyo lingasuswa. Isiphumo lixabiso lereferensi elibiza kakhulu ukulilawula kwaye kulula ukulikhusela, eyona nto iphambili ekudwelisweni kwe-asethi kwimarike elawulwayo kwasekuqaleni.
Iimfuno ezimbini ezingakumbi zigqibezela isakhelo. Indalo kunye nokuhlawulelwa kwengxowa-mali ye-crypto edwelisiweyo inokucutshungulwa ngemali kuphela, egcina ingqekembe ukuba ingahambi ngaphakathi nangaphandle kwindawo yokuhlala kwaye ivale isethi yeengozi zokusebenza eziye zatshona izakhiwo ezincinci. Kwaye wonke umkhuphi kufuneka atyumbe umenzi wemarike ozimeleyo ukuba agcine imakethi yesibini isebenza, ngoko ke umnini ofuna ukuphuma akashiywa ejonge incwadi engenanto. Akukho nanye kwezi ebukekayo. Yonke loo nto ngumahluko phakathi kwemveliso eyakhelwe ukuba iphile kuphicotho-zincwadi kunye nemveliso eyakhelweyo ukuze iphile kwimarike yenkomo.
Oku kungena njani kwi-crypto rule yaseMzantsi Afrika ebanzi
Le mithetho yokudweliswa ayizange ivele nje. Bahlala phezu kwesakhelo solawulo ebesinzima iminyaka, kwaye ndiyibeke yonke into kwisikhokelo sam ukuba Ukuthotyelwa kolawulo lweBitcoin eMzantsi Afrika. Umhla obalulekileyo ngumhla we-19 ku-Oktobha 2022, xa i-Financial Conduct Authority (FSCA) ibhengeze i-crypto assets njengemveliso yemali phantsi koMthetho we-Financial Advisory and Intermediary Services Act (FAIS) Act kwaye itsale iingcebiso kunye neenkonzo zomlamli kulawulo lwelayisenisi. Yiloo nto eyadala ilayisenisi yoMboneleli weNkonzo ye-Asethi ye-Crypto kwaye, kunye nayo, i-pool yeendawo ezilawulwayo isalathisi esivunyiweyo sinokutsalwa.
Funda kunye, iileya ezimbini zenza imisebenzi eyahlukeneyo. I-FSCA ilayisenisi abantu abakucebisayo kunye namaqonga okurhweba kuwe. Imithetho ye-JSE ilawula indlela imveliso ebhekiselele kwi-Bitcoin eziphatha ngayo xa idweliswe kutshintshiselwano.
Umtyali-mali waseMzantsi Afrika othenga ingxowa-mali ye-crypto edweliswe ngokufanelekileyo ngoko ke uya kuma kwindawo elawulwayo, ixabiso le-defensible index, lixhaswa ngukugcinwa okubandayo okuphicothiweyo, kunye nomboneleli wenkonzo onelayisensi phantsi kwe-FAIS kwindawo ethile kwikhonkco. Eso sisilwanyana esahluke ngokwenene ekuthengeni ingqekembe kwiqonga elingaselunxwemeni ngaphandle kwelayisenisi yendawo kwaye sinethemba lokuba iqhosha lokurhoxisa liya kuhlala lisebenza.
Kwakhona, ngokuzolileyo, i-nudge kuyo yonke imarike. Emva kokuba ukugcinwa okubandayo okulawulwayo kunye nophicotho oluzimeleyo lube yinto elindelekileyo kwimveliso edwelisiweyo, wonke umnikezeli ongenakho ukubonisa umgangatho ofanayo uqala ukubonakala evezwe ngokuthelekisa. Ibar ihambisa wonke umntu, hayi kuphela abo kufuneka bayicime.
Yintoni uluhlu lokukhangela lwe-JSE olukuxelela ukuba ulufune
Eyona nto iluncedo ngolu thethwano kukuba lufundeka njengoluhlu lokutshekisha umtyali-mali ozimiseleyo unokuboleka. Luhluthe ulwimi oludweliswe kwaye i-JSE ikuxelela ukuba kujongeka njani ukugcinwa okulungileyo: izitshixo ngaphandle kwe-intanethi kuninzi olukhulu lokubamba, umntu wesithathu wokwenyani ophicotha ilungiselelo kunokuba umqhubi aphawule umsebenzi wakhe wesikolo wasekhaya, ixabiso onokuthi ulikhusele kuba alixhomekanga kwindawo enye, kunye nomthamo owaneleyo onokuthi uphume. Leyo yimibuzo kanye endiyibeka kuyo nasiphi na isakhiwo umxhasi alinganisa ngaso.
Ndibona le veki. Umxhasi oseGeorge okanye eSandton uza kum ephethe ingqekembe yemali kwiqonga elithile elingaselunxwemeni alifumene ngomhlobo, ekhululekile kuba ibhalansi iboniswa kwiscreen kwaye akukho nto iphosakeleyo ngoku. Emva koko ndibuza imibuzo emine i-JSE ngoku ibuza kwimveliso edwelisiweyo. Ziphi izitshixo. Ngubani oye waphicotha oko. Linjani ixabiso olibonayo ngokwenene. Kwaye ngomhla ofuna imali yakho, ngubani onyanzelekileyo ukuba abe kwelinye icala lorhwebo. Uninzi lwexesha iimpendulo ezinyanisekileyo azaziwa, akukho mntu, utshintshiselwano omnye kwaye akukho mntu. Intuthuzelo ayizange ibe kwisakhiwo. Ibingekho imini embi.
Imveliso edwelisiweyo eyakhiwe kule migaqo ingaphendula zone ngokucocekileyo, yinkqubela yokwenene kwaye kufanelekile ukuyithetha ngokuvakalayo. Inqaku lokubamba ingqekembe ngokwakho kukuba ubaphendula ngokucocekileyo, kwaye uyenza ngaphandle kokuhlawula i-wrapper ngelungelo. Ukugcinwa okubandayo phantsi kwezitshixo zakho akuyiyo inguqulelo encinci yento iJSE ichaza ngayo. Yinto ngokwayo, kunye nomntu ongaziwayo abambalwa kwikhonkco.
Imveliso edwelisiweyo ayifani nokubamba ingqekembe yakho
Apha kulapho kufuneka ndiqonde ngqo kuwe kunokuba ndibe nomdla nje. Ingxowa-mali edweliswe kakuhle isombulula iingxaki zokwenyani. Ijongana nokugcinwa, ijongana namaxabiso, ivumela ingxowa-mali yomhlalaphantsi okanye i-unit trust ithathe umbono weBitcoin ngesixhobo igunya layo esele lisivumela, kwaye kuloo mali igunyazisiweyo idla ngokuba ngumnyango ovulekileyo kuphela. Ukuba awukwazi ukubamba ingqekembe ngokuthe ngqo ngezizathu zomthetho, imveliso ephicothiweyo kulo mgangatho luphuculo olunzulu kwezinye iindlela.
Kodwa yiba nesabelo kule ngxowa-mali kwaye ungumnikazi wephepha elibhekisela kwi-Bitcoin. Awunayo iBitcoin. Awukwazi ukurhoxisa ingqekembe, uyiqinisekise ngokuchasene ne-node yakho okanye uyihambise. Omnye umntu ubambe izitshixo, kunye nesibheno sonke seBitcoin njenge-asethi ethwala, endiyibeka kuyo. I-Bitcoin njenge-asethi yomphathi, kukuba akuyomfuneko ukuba umthembe loo mntu.
Imveliso edwelisiweyo ikwaphethe oomatshini abaza nayo nayiphi na into esongelayo: iprimiyamu okanye isaphulelo ukuba yintoni na inkozo yemali ephantsi, iindleko zokuqhuba, kunye nokulandela umkhondo endikuchazayo kweyam. ukuphononongwa kweenkampani ze-Bitcoin zobuncwane. Ingqekembe ngokwayo ayinayo phakathi kwakho kunye ne-asethi.
Ngoko ke yintoni efanelekileyo kuxhomekeke ngokupheleleyo ukuba yimali kabani kunye nokuba yiyiphi imigaqo ejikelezayo evumelayo. Ingxowa-mali yomhlalaphantsi phantsi kwesigunyaziso se-equity ifuna imveliso edwelisiweyo kuba kuphela kwendlela evunyelweyo yokubonisa umbono. Umsindisi wabucala ngaphezu kweminyaka emihlanu ukuya kwelishumi, ekuphela kwento endiyamkelayo kwiBitcoin, phantse isoloko ifuna ingqekembe. Lowo ngumsebenzi endiwenzayo kwi-SimplB: ukuzigcina okukhokelwayo ukusuka kwi-R10,000 kunye ne-2-of-3 ye-multisig Vault yokubamba izinto ezinzulu, apho umxhasi ubamba izitshixo ezimbini ze-hardware kwaye ndibambe isitshixo sokubuyisela kuphela, ngoko akukho mgaqo woluhlu kwaye akukho mgcini uhlala phakathi kwabo kunye ne-Bitcoin yabo.
I-JSE isandula ukubhala iinkcukacha ezibalaseleyo zendlela umntu ongamaziyo anokuyibamba ngayo ingqekembe yakho. Kufanelekile ukuyifunda njengengcaciso yendlela onokuthi ubambe eyakho.
Imibuzo ebuzwa qho
I-JSE yaphakamisa ntoni nge-4 Septemba 2025?
Izilungiso ezicetywayo kwiTyala kunye neeNgcali zeSecurities Listing Requirements eziza kuvumela ukutshintshiselana ngamanqaku athengiswayo kunye neemali ezibhekiselele kuluhlu oluvunyiweyo lwe-asethi ye-crypto kwi-JSE. Imveliso edwelisiweyo kufuneka ibambe ubuncinane i-90% yengqekembe engaphantsi kwindawo yokugcina ebandayo, intengo ikhutshwe kwisalathisi esithathwe kwiiplatifti ezininzi ze-vetted kunokuba utshintshiselwano olunye, lityumbe umenzi wemarike kunye nenkqubo yokudala kunye nokukhululwa ngemali kuphela. Izimvo zoluntu zavalwa nge-6 ka-Okthobha 2025 kwaye imigaqo yokugqibela ilandela ukusuka apho.
Kutheni umthetho we-90% wokugcinwa okubandayo uyinto enkulu kangaka?
Ugcino olubandayo luthetha ukuba izitshixo zabucala zihlala ngaphandle kweintanethi, ngaphandle kokufikelela kuye nabani na ohlaselayo kwi-intanethi. I-Capping exposure ye-intanethi kwishumi isusa udidi olulodwa olukhulu lomngcipheko wobusela, eyona ndlela ininzi ilahleko ye-crypto eyenzeke ngayo. Apho umniki-nkonzo esebenzisa ilungiselelo elibiza ngokulingana nokugcinwa kwengqele, umntu wesithathu ofanelekileyo kufuneka aliphicothe elo bango phambi kokuba alidwelise kwaye kwakhona minyaka le, ngoko umgangatho wogcino uqinisekiswa kwirekhodi kunokuba uthathwe njengentembeko.
Ngaba le mithetho yoluhlu iyatshintsha indlela endibamba ngayo i-Bitcoin yam?
Hayi. Balawula iimveliso ezidweliswe kwi-JSE, kungekhona into eyenziwa ngumntu ngengqekembe yakhe. Into abayibonisayo kukuba ukugcinwa okubandayo okulawulwayo kunye nophicotho-zincwadi oluzimeleyo luba sisiseko esilindelekileyo sayo nasiphi na isakhiwo esimandundu seBitcoin eMzantsi Afrika. Funda imithetho ye-JSE njengengcaciso yendlela umntu ongamaziyo afanele ukuyibamba ngayo ingqekembe yakho yemali, emva koko ubuze ukuba indlela oyibamba ngayo idibana nebhari enye.
Ngaba i-crypto fund edwelisiweyo iyafana nokubamba iBitcoin ngokuthe ngqo?
Hayi. Isabelo kwingxowa-mali edwelisiweyo liphepha elibhekisela kwi-Bitcoin, kungekhona i-Bitcoin ngokwayo. Awukwazi ukurhoxisa ingqekembe yemali, uyiqinisekise ngokuchasene ne-node yakho okanye uyihambise, kwaye uphethe iprimiyamu okanye isaphulelo esinokwenzeka, iindleko zokuqhuba kunye nokulandela umkhondo phakathi kwakho kunye ne-asethi. Imveliso edweliswe kakuhle isombulula ugcino lokwenene kunye neengxaki zamaxabiso kwaye ifanele izigunyaziso ezingakwaziyo ukubamba ingqekembe ngokuthe ngqo. Ukuzigcina ngokuthe ngqo kususa i-wrapper ngokupheleleyo kwaye ubeke izitshixo ezandleni zakho.
Yibambe ingqekembe yakho kwixabiso le-JSE ngoku elifunwa nguye wonke umntu.
I-SimplB inceda abantu baseMzantsi Afrika bathenge i-Bitcoin kwaye bayibambe kwindawo yokugcina ebandayo phantsi kwezitshixo abazilawulayo, njengoMmeli osemthethweni we-CAEP Asset Managers (FSP 33933).
Bhukisha umnxeba wokugcinwa kweBitcoin