The government’s main economic units, the Treasury and the South African Reserve Bank, are gearing up to redraft their crypto asset regulations.

Finance minister Enoch Godongwana has admitted that a “new approach” is needed for the rules.

The draft capital flow management regulations, published in April, and the subsequent draft crypto assets manual for cross-border activities, in August, propose a big overhaul of South Africa’s 1961 exchange control framework, moving towards a risk-based system focused on surveillance, illicit flow prevention and crypto asset regulation.

“We received thousands of comments, and it is clear that we need to take a different approach to these amendments,” said Godongwana as he tabled the…