Amid all the announcements in the Medium-Term Budget Policy Statement (MTBPS), Finance Minister Enoch Godongwana also opened the way for a new approach to the cross-border treatment of crypto assets.

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This follows the release of draft capital flow management regulations for public comment, which the Minister said elicited “thousands” of comments.

The proposed framework would have required crypto asset service providers facilitating cross-border transactions to obtain approval from the Reserve Bank’s (SARB) Financial Surveillance Department.

Opposition from the country’s cryptocurrency players was so strong that they launched the…