CRYPTO CORNER: South Africa’s crypto industry draws a line in the capital flow sand
It’s not every day that drama erupts in the South African crypto landscape, but 171 organisations have decided that enough is enough with the new SA Reserve Bank and FSCA regulations.
The South African crypto industry has united under the Crypto Asset Taskforce for Advancing Sound, Technology-Neutral Regulation (Catastrophe) to challenge the National Treasury’s draft Capital Flow Management Regulations and the Reserve Bank’s draft Crypto Asset Manual for Cross-Border Activities. This coalition of 171 organizations and nearly 4,000 individuals aims to challenge two key restrictions: bans on commercial cross-border crypto rails and the self-custody “one-way street” that prevents residents from transferring crypto from local exchanges to non-custodial private wallets and vice versa.
While the industry argues that these restrictions could push financial activity offshore, the campaign's true intention appears to be to protect industry profits and maintain domestic transaction volumes.
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