Regulators have been slow to adapt, and various crypto scandals have left South African investors worse off with no one to turn to.
Regulators have been slow to adapt, and various crypto scandals have left South African investors worse off with no one to turn to.

The Crypto Custody report provides proof of reserves

By Brandstories Time of article published Oct 1, 2021

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The Crypto Custody report released by Mazars on Friday the 1st of October 2021 makes Revix the first crypto service provider in South Africa to independently verify that it holds all of its customers’ cryptocurrencies.

The Crypto Custody report can be downloaded from the Revix website –www.revix.com – aims to bring trust and transparency to the cryptocurrency industry. Regulators have been slow to adapt, and various crypto scandals have left South African investors worse off with no one to turn to.

Sean Sanders, the CEO and Founder of Revix, explains, “This is a big step forward in the South African crypto landscape as we hope to set the standard for other crypto platforms. The security measures and risk management procedures that crypto platforms implement to protect their customers’ cryptocurrency holdings is the most important area that regulators seem to be missing. This independent report from a top international audit, tax and advisory firm leading the cryptocurrency space is a step forward in further developing the cryptocurrency industry in South Africa.”

Wiehann Olivier, Audit Partner and Digital Asset Lead at Mazars South Africa, said, “The proof of reserve report was designed to give users of various digital asset platforms the needed reassurance in the current unregulated industry and therefore will be a fundamental advantage to stakeholders. We are optimistic that the trend of proof of reserve reporting will be followed by other South African and International virtual asset service providers like Revix to add to the credibility of the industry as well as ensuring a safer investment environment.”

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