Research focused on money laundering risks attached to the unregulated use of cryptocurrencies Rabia Hussain with her grandfather Adam Goolam and grandmother Kulsum Goolam.
Rabia Hussain, of Pietermaritzburg graduated with a Master of Laws in Business Law from the University of KwaZulu Natal(UKZN) with Cum Laude.
Her research was titled: “The Regulation of Cryptocurrencies to Combat Money Laundering: A South African Perspective.”
Hussain, who will turn 24 tomorrow, said the exponential growth of cryptocurrency users in South Africa led to her research.
"My research focused on money laundering risks attached to the unregulated use of cryptocurrencies. There is no comprehensive legal framework regulating cryptocurrencies in South Africa and in most jurisdictions or countries. This means that there is no legal protection for its users and the financial sector is susceptible to exploitation.
"My research argues that the unregulated use of cryptocurrencies contributed to the grey listing of South Africa by the Financial Action Task Force (FATF). Furthermore, it provides recommendations on how legislation can be developed to cater for the unique characteristics of cryptocurrencies such as decentralisation and anonymity of blockchain technology.”
Hussain attended Kharina Secondary School and obtained a Bachelor’s pass with three distinctions.
“In 2023, I graduated with a Bachelor of Laws degree from UKZN, which I obtained cum laude. I achieved 21 distinctions, 4 Dean’s Commendations, and became a member of the Golden Key International Honorary Society during my undergraduate studies.
"I obtained a UKZN postgraduate scholarship to pursue my Master's and was also awarded a bursary from the South African National Zakah Fund, which greatly assisted me financially. Now I graduated with a Master of Laws in Business Law,” she said.
She added: “In many ways I believe that law chose me as I was initially pursuing a degree in science. I have always aspired to help underprivileged and marginalised individuals in our society through education and law allows me to achieve this. The legal field is multifaceted and opens up many career opportunities as everything is governed by laws.”
Hussain said became independent at a young age after her mum became ill and her dad was absent from her life.
“Being an only child was a bit lonely. However, I was creative and always found something to keep me busy. I loved to paint, read and take care of the various pets I had.”
She was employed by UKZN's School of Law as a supplemental instruction leader and academic development officer. Hussain is currently seeking articles of clerkship.
She said she does not believe in work-life balance as there could never truly be a balance between the two; hence, she aims to achieve stability, rather than balance in all aspects of life and work.
“Prioritising mental health is essential to avoid burnout and truly give off your best. I would do things that brought me comfort like baking, cooking for my family, and observing the beauty of nature. I also did volunteer work with the Muslim Students Association and UNICEF, which was close to my heart. I assisted women and children, who are most marginalised in society.”
Hussain said it felt surreal to obtain her Master's.
“I feel extremely relieved and grateful to God for all I have achieved thus far. I am optimistic about researching further. My dream is to pursue a PhD and establish myself as an academic.
“Some of the challenges I faced was academic burnout and motivating myself to push through with my chapters. My supervisor, who is now at the University of Pretoria, was extremely helpful in giving me constructive feedback, which pushed me beyond my limited knowledge.
“The best part was the wealth of knowledge I gained in pursuing the topic of cryptocurrencies. There is limited academic literature on this topic in South Africa, so I was proud to have completed a Master's on it. I have learnt that nothing is impossible but it takes hard work, sacrifice and mostly passion for what you want to achieve."
She said that her family had done the most for her throughout her academic journey and without that solid support structure and their prayers she would not be where she was today.
“My biggest supporters are my mother (Luthfyia Goolam), my grandparents (Kulsum and Adam Goolam) and my uncle (Rashid Goolam). They raised me to be resilient. I am extremely grateful to them for their sacrifices and all of the love they have given me, which has been my strength to overcome all adversities.
"My fiancé has also helped me keep my head above water throughout my academic journey and I cannot thank him enough for his unwavering support,” she said.
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