South African Crypto Deals Worth Billions Put On Hold Amid Regulatory Uncertainty

Proposed regulatory changes in South Africa have put billions of rand in deals on hold. At least three deals valued at 2.2 billion rand ($135 million) have been halted directly because of the suggested changes, according to people familiar with the matter.

The proposed regulations would include cryptocurrencies under the country's exchange-control regime and limit their use in cross-border transactions. This move has led digital-asset companies operating in South Africa to put deals on hold until the regulatory framework is clarified.

The exact nature of the proposed changes is not specified, but it is clear that the uncertainty surrounding them has caused significant disruptions in the market. The people familiar with the matter have asked not to be identified as they are not authorized to speak publicly about the issue.