In South Africa, a coalition of 171 organizations, including crypto exchanges VALR, Luno and AltCoinTrader, as well as nearly 4,000 individuals, has opposed draft rules on capital flows and cross-border transactions involving crypto assets. The group operates under the name Crypto Asset Taskforce for Advancing Sound, Technology-Neutral Regulation, abbreviated as Catastrophe, Daily Maverick reports.

Which restrictions the industry is challenging

The coalition opposes the National Treasury’s draft capital flow management rules and the South African Reserve Bank’s draft guidance on cross-border crypto-asset transactions.

In particular, the…