National Treasury aims to strengthen cross-border controls on crypto. (Graphic and photography: Nicola Mawson)
National Treasury’s latest attempt to regulate crypto is based on a fundamental misunderstanding of blockchain technology.
So say industry players after the department published a draft manual governing cross-border crypto transactions.
The draft manual sets out the rules licensed crypto asset service providers (CASPs) would have to follow when handling cross-border crypto transactions, including when transactions are permitted, the conditions attached to them, and what must be reported to the South African Reserve Bank’s (SARB’s) Financial Surveillance Department (FinSurv).
It has been published for public comment alongside…
