South Africa Crypto Curbs Freeze Billions in Deals

South Africa's proposed regulatory changes for cryptocurrencies have put billions of rand worth of deals on hold. At least three transactions valued at 2.2 billion rand, or around $135 million, have been delayed due to the planned measures. The changes would include digital assets under South Africa's exchange-control regime and limit their use in cross-border transactions.

The people familiar with the matter asked not to be identified because they aren't authorized to speak publicly. They said that several companies operating in the country have halted deals because of the proposed regulations. The value of these halted deals isn't specified beyond the 2.2 billion rand figure mentioned earlier.

South Africa's financial regulatory body, known as the Financial Sector Conduct Authority (FSCA), is expected to review and finalize the proposed changes soon. However, it remains unclear when or if the new regulations will be implemented.