South Africa Proposes Offshore Crypto Transfer Regulations

The South African government has unveiled draft rules that will require all offshore cryptocurrency transfers to be processed through authorized providers.

This move aims to regulate the use of cryptocurrencies in the country and prevent illicit activities such as money laundering and terrorist financing.

In other news, Luno, a popular cryptocurrency exchange, is trimming 20% of its global workforce due to weaker retail trading, automation, and operational changes.