South Africa Proposes Stricter Rules for Cross-Border Crypto Transactions

The Reserve Bank and National Treasury of South Africa are proposing new rules to regulate cross-border cryptocurrency transactions in the country.

The proposed regulations would bring crypto transactions under exchange control rules for the first time, introducing a new authorisation system and stricter compliance requirements for crypto service providers.

The draft proposal also suggests that only individuals would be permitted to conduct these transactions, while other parties may be required to disclose private keys linked to seized crypto assets.

This could significantly reshape South Africa's crypto landscape, with the draft proposing fines or imprisonment for non-compliance. The public has until the end of September to comment on the proposal.