In a first for South Africa’s property industry, buyers can now purchase real estate using cryptocurrency through secure and fully compliant transactions.
This innovative solution, created by Broll Auctions and Sales, Schindlers Attorneys, and Schindlers Digital Assets, combines property, legal, and financial services into a single, streamlined offering. It allows cryptocurrency holders to convert digital assets into property ownership while ensuring compliance with the country’s financial regulations.
South Africa is emerging as a leader in adopting cryptocurrency as a viable alternative to traditional payment methods, from grocery purchases to utility payments. “At Broll Auctions and Sales, we are excited to be the first to offer our clients this modern payment solution that aligns with our commitment to technological innovation in the commercial property sector,” said Norman Raad, CEO of Broll Auctions and Sales. “Cryptocurrency adds a dimension to real estate transactions, simplifying the process and broadening the market beyond traditional investors.”
Schindlers Digital Assets, a registered Financial Services Provider, facilitates the conversion of cryptocurrency into fiat currency with full regulatory compliance. This offers buyers confidence in using digital assets for property investments. Schindlers oversees the crypto payments, making the entire process seamless and user-friendly.
Once the cryptocurrency is converted, Schindlers Attorneys handles the conveyancing and property transfer, ensuring the process remains legally sound. As such, Schindlers Conveyancing is uniquely positioned as the first and only conveyancing law firm in South Africa capable of lawfully handling cryptocurrency payments for property transfers.
“This collaboration is perfectly timed as digital currencies gain wider acceptance in mainstream financial systems,” said Candice Dawkshas, CEO of Schindlers Digital Assets. “With more investors holding substantial crypto assets, the demand for using these assets in traditional sectors like real estate has never been higher.”
Maurice Crespi, Partner at Schindlers Attorneys, said the partnership was “a landmark moment for property transactions in South Africa, integrating cryptocurrency into the legal framework governing property purchases”.
The first opportunity to explore real estate transactions through cryptocurrency will be at Broll Auctions and Sales’ auction in Johannesburg on 21 November.
