By Staff Writer

South Africa’s emerging crypto framework faces a warning from Luno, which says the draft rules governing crypto moving across the country’s borders could have unintended consequences for the economy.

In its formal submission to the South African Reserve Bank (Sarb), the crypto platform argues that the proposed Crypto Asset Manual could increase costs for consumers, restrict local businesses and push activity into opaque, unregulated channels.

Luno says targeted changes could instead create a framework aligned with global best practice, supporting innovation, investment and jobs while strengthening oversight and consumer protection.

“We share the overarching goals that the Treasury and the Sarb have. We all want a modern…