Catastrophe Coalition Grows as GoTyme Bank Joins Crypto Regulation Battle

GoTyme Bank has joined the Catastrophe coalition, an industry group campaigning against draft rules that would bar South African companies from making cross-border payments in cryptocurrency. The bank argues that 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 should be regulated, it should be,' said GoTyme Bank spokeswoman Pontsho Ramontsha.

The digital bank, which has just over 13 million customers in South Africa, now appears on the campaign's website alongside founding members VALR, Luno, EasyEquities and AltCoinTrader. The coalition has the backing of 203 organisations and 5,677 individuals, according to VALR CEO Farzam Ehsani.

GoTyme Bank also has a commercial stake in regulatory clarity, as it would allow banks to participate in evolving payment infrastructure and settlement rails. This is evident in its sister bank in the Philippines, which launched crypto trading in December last year in partnership with trading infrastructure provider Alpaca.