New framework planned for crypto asset flows in South Africa
Authorities plan to regulate crypto service providers handling cross-border transactions, aiming to align laws with digital asset realities.
South Africa is preparing a new regulatory framework for cross-border cryptocurrency transactions, according to Finance Minister Enoch Godongwana. The South African Reserve Bank will release the framework this year, focusing on cross-border crypto asset transfers.
The move comes after a High Court ruling left cryptocurrencies exempt from exchange control regulations. Instead of a broad exemption framework for exchanges, authorities aim to regulate the activities of crypto asset service providers involved in moving value across borders.
The framework will set…
