South African lawmakers propose draft rules on cross-border crypto transactions
CoinDesk·
60-second summary
South African lawmakers are proposing draft rules on cross-border crypto transactions, requiring senders to use authorized providers and report transactions to the central bank's FinSurv. This move aims to enhance regulatory oversight and combat illicit activities. The draft rulebook is expected to influence the country's crypto landscape, potentially affecting the adoption and growth of digital assets.
A draft rulebook proposes that sending crypto offshore must be conducted through an authorized provider and be reported to the central bank’s FinSurv.