South Africa Plans to Implement New Regulatory Framework for Cryptocurrency and Will Soon Release Draft Regulations

Odaily News: South African Finance Minister Enoch Godongwana announced that draft regulations will be released soon to incorporate crypto assets into the capital flow management framework under the Currency and Exchange Act. This move is a response to the Pretoria High Court's ruling last year that "cryptocurrency is not currency," which temporarily exempted crypto assets from South Africa's foreign exchange controls. The South African Reserve Bank has appealed this ruling while simultaneously developing a new framework for cross-border transactions involving crypto assets. Previously, South African regulators had restricted users from using payment cards to purchase overseas cryptocurrencies and warned that unauthorized cross-border transfers of crypto assets could constitute a crime. (Mybroadband)