South Africa plans to clarify its regulatory framework for cross-border transactions of crypto assets, emphasizing that it will not restrict holdings.

This article is machine translated
Show original

TechFlow to a report by IOL on May 26, the South African Treasury and the South African Reserve Bank (SARB) stated that they are shifting their focus in regulating crypto assets to rules governing cross-border digital asset activities, rather than restricting holdings themselves, and have extended the deadline for submitting public comments on the draft Capital Flows Management Regulations to June 30, 2026.

Both parties clarified that the proposed rules are not intended to criminalize the holding of crypto assets, nor will they be applied retroactively. A draft framework manual for cross-border crypto assets will be released subsequently, clarifying the definition of cross-border crypto transactions and the obligations of authorized crypto asset service providers.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments