South Africa Crypto Players Unite Against Restrictive Exchange Control Rules

Crypto players in South Africa have come together to form a coalition called Catastrophe to push back against proposed exchange control rules that they say could harm the industry.

The coalition, which stands for Crypto Asset Taskforce for Advancing Sound, Technology-Neutral Regulation for Opportunity, Prosperity and a Healthy Economy, brings together leading industry players including VALR, Luno, AltCoinTrader, and EasyEquities.

Catastrophe warns that restrictive draft rules will harm domestic enterprises and jobs, slow economic participation, and isolate South Africa from the global digital economy.

'We are trying to work WITH the authorities to do this properly,' said Emile van der Linde, Head of Operations at EasyCrypto. 'We need to regulate crypto transactions the exact same way that we do traditional finance.'