GoTyme Bank has confirmed it has signed up to Catastrophe, the industry coalition campaigning against draft rules that would bar South African companies from making cross-border payments in cryptocurrency, saying the country’s regulatory framework should apply “consistent standards to equivalent financial activities, regardless of the technology used”. “This is not a position on whether crypto…
The US senate failed on Tuesday to advance comprehensive cryptocurrency legislation backed by President Donald Trump in a major blow for digital asset companies and Republicans who had championed the bill for months. The bill, called the Clarity Act, fell 10 short of reaching the 60-vote threshold needed to advance most legislation in the 100-seat…
The Senate on Tuesday voted to block the Clarity Act from advancing, dealing a major blow to the crypto industry’s push for a comprehensive market structure framework. The procedural vote leaves the bill stalled on Capitol Hill after months of negotiations aimed at building bipartisan support. Republican leaders had released a revised version of the…
South Africa’s biggest regulated crypto platforms have taken their fight public, forming a coalition and launching a petition against draft rules that would bar local companies from making cross-border payments in crypto assets. The coalition has given itself the pointed acronym Catastrophe — Crypto Asset Taskforce for Advancing Sound, Technology-Neutral Regulation for Opportunity, Prosperity and…
The Clarity Act, which seeks to establish a U.S. federal framework for digital assets, is likely to pass given broad support from crypto firms, law-enforcement groups and several banks, Coinbase CEO Brian Armstrong said. The legislation was ready to be supported by the Senate, Coinbase CEO Brian Armstrong told CNBC’s “Squawk Box Asia” on Thursday,…
The Johannesburg High Court found that crypto-currency is subject to current forex rules. (Graphic: Nicola Mawson | Freepik) A new crypto coalition, called CATASTROPHE, warns proposed cross-border regulations could threaten thousands of jobs, hit millions of crypto holders and cost the fiscus billions of rand in tax revenue. It is calling on National Treasury and…
National Treasury aims to strengthen cross-border controls on crypto. (Image created via Google Gemini) National Treasury’s latest attempt to regulate crypto is based on a fundamental misunderstanding of blockchain technology. So say industry players after the department published a draft manual governing cross-border crypto transactions. The draft manual sets out the rules licensed crypto asset…
VALR CEO Farzam Ehsani Barring South African companies from moving crypto assets across the country’s borders will likely drive those transactions underground or offshore and reduce the very oversight national treasury and the South African Reserve Bank are trying to achieve, according to VALR CEO Farzam Ehsani. Ehsani was responding to the draft Crypto Asset…
Luno says National Treasury should go through Parliament to regulate crypto. (Image created by GenAI) Crypto-currency exchange Luno is arguing that National Treasury’s bid to bring digital currency under a 65-year-old forex regime is unconstitutional and contradicts the South African Reserve Bank’s own stance on the future role of stablecoins in payments. In a statement…
The South African crypto-currency exchange industry has matured significantly over the past few years. (Image source: 123RF) As crypto-currency adoption continues to grow in South Africa, investors are increasingly comparing exchanges on more than just the number of listed coins or mobile app features. This, as trading fees, often overlooked by new investors, can have…
