The Johannesburg High Court found that crypto-currency is subject to current forex rules. (Graphic: Nicola Mawson | Freepik)
A new crypto coalition, called CATASTROPHE, warns proposed cross-border regulations could threaten thousands of jobs, hit millions of crypto holders and cost the fiscus billions of rand in tax revenue.
It is calling on National Treasury and the South African Reserve Bank (SARB) to rethink the draft rules.
“Thousands of jobs in South Africa would be threatened, millions of South African crypto holders would be adversely impacted and billions [in] tax revenues to the South African Revenue Service could disappear if these draft regulations are implemented as currently drafted,” the alliance warns.
The…
