Regulation Risk: South African Crypto Industry Faces Crippling Rules

South Africa's attempt to bring cryptocurrency into its regulated financial system is on the verge of veering into over-regulation, according to Carel van Wyk, CEO of MoneyBadger. This could potentially drive both businesses and transactions beyond the reach of local authorities.

The proposed new exchange-control rules are a major concern for the crypto industry in South Africa. Van Wyk warns that these regulations could cripple the industry, undermine self-custody, and push transactions offshore.

El Salvador has been making headlines with its daily Bitcoin purchases, including a 1,090 BTC purchase last month. The country's commitment to buying Bitcoin has seen the cryptocurrency slide below $85,000 in December.