PANews February 25 News, according to MyBroadband, South African Finance Minister Enoch Godongwana announced that the government will issue a draft regulation to officially incorporate crypto assets into the capital flow management system under the “Currency and Foreign Exchange Act.” This move aims to improve cross-border capital regulation and complement existing anti-money laundering and anti-fraud regulations.
Previously, the Pretoria High Court ruled that cryptocurrencies do not qualify as “currency” under legal definitions, and current foreign exchange control rules do not apply to crypto assets, urging the government to undertake legislative reform. Although the South African Reserve Bank (SARB) has appealed this ruling, insisting that cryptocurrencies should be treated as currency in terms of management functions, the current regulatory focus has shifted to establishing clear administrative responsibilities and cross-border transaction reporting requirements. This legislative reform will end the ambiguity surrounding crypto assets in foreign exchange controls and provide legal basis for South African residents to participate in the global crypto market.
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