South Africa’s rand stablecoin issuers want treasury’s rewritten cross-border crypto rules to treat their tokens as payments rather than capital flows, and to let companies use them. Finance minister Enoch Godongwana told parliament on Wednesday that the draft capital flow management regulations, “which included the cross-border treatment of crypto assets”, had drawn thousands of comments…
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…
When Nelson Mandela stood before parliament in February 1996, he made a commitment that should have been one of the defining economic reforms of the democratic era. “For us, it is not a matter of whether, but of when, these controls will be phased out,” he said of exchange controls, echoing a similar pledge made…
The Free Market Foundation (FMF) is demanding that a national 20% tax for online gambling proposed by the national treasury be withdrawn and reconsidered within South Africa’s existing decentralised regulatory regime. It said the proposed tax will undermine provincial authority and overburden legal gambling operators, and risks driving consumers further towards unregulated offshore platforms, which…
