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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
UNI and AAVE are the first to be hit! Analyst: The CLARITY Act could seriously damage the DeFi yield myth
《Digital Asset Market Clarity Act (CLARITY Act)》 focuses on stablecoin regulation. If it passes, it will have a major impact on DeFi protocols, especially by banning platforms from offering yield on stablecoins. This will cause returns to be re-concentrated in traditional financial institutions, shrinking the competitive space for crypto platforms. The report warns that multiple DeFi projects such as Uniswap and Aave may face stricter regulation, affecting trading volume and liquidity.
区块客10m ago
Coin Center Warns US Crypto Crackdown Possible Without Clear Rules
Peter Van Valkenburgh warns that without passing the CLARITY Act, future U.S. administrations may impose strict regulations on crypto. He emphasizes the need for statutory protections to prevent reliance on political climates, as current agreements stall in Congress.
CryptoBreaking59m ago
Pro-XRP Attorney and Ripple CEO Agree the U.S. Can’t Afford Another Gary Gensler Moment
The pro-XRP attorney John Deaton has concurred with recent remarks by Ripple CEO Brad Garlinghouse that the United States cannot afford another Gary Gensler experience. He was the former chair of the U.S. Securities and Exchange Commission (SEC).
In a tweet explaining his opinion, Deaton insisted t
CryptoPotato1h ago
Pierre Rochard’s warning about the Bitcoin gap in the Basel III revision
Pierre Rochard warns that the U.S. regulatory approach to Bitcoin in the Basel III revision lacks clarity. He emphasizes the need for transparent criteria and data for banks to manage Bitcoin risks, cautioning that ambiguity may hinder financial innovation and compliance.
TapChiBitcoin1h ago
The Clarity Act hangs in the balance: the SEC may hold crypto accountable, and Ripple and developers face immense pressure
The prospects of the "Clarity Act" are unclear, which may lead the SEC to reconsider cryptocurrencies as securities, increasing legal risks. Industry insiders warn that short-termism and conflicting interests may delay the passage of the bill, impacting the legal status of mainstream assets. Cryptocurrency lobbying groups are prepared to address regulatory risks, calling for unity to ensure the long-term safety of the industry.
GateNews4h ago
Michael Saylor once again compared STRC to money market funds, sparking a retail frenzy.
Strategy company founder Michael Saylor compared his stock STRC to a money market fund on CNBC, drawing attention. STRC has a dividend of up to 11.5%, but it is not a true money market fund and carries high risks. Despite the SEC stating that its risks are significant, Saylor still attracts a large number of retail investors, and analysts remind that caution is needed to distinguish between them.
GateNews4h ago
