SA Crypto Industry Unites Against Proposed Exchange Control Rules

A coalition of South African crypto industry players has formed to fight proposed changes to exchange controls that they say will be disastrous for the country, driving jobs and investment away.

The group, called Catastrophe, brings together leading industry players like VALR, Luno, AltCoinTrader, and EasyEquities, as well as prominent lawyers, economists, entrepreneurs, and academics.

Catastrophe argues that the proposed regulations will restrict blockchain-based payments for legitimate cross-border transactions, forcing businesses to use traditional fiat-based payments which are slow and costly. This would put SA businesses at a severe competitive disadvantage globally.