TechFlow News, February 25: South African Finance Minister Enoch Godongwana announced that draft regulations will soon be published to incorporate crypto assets into the capital flow management framework under the Currency and Exchange Act. This move responds to last year’s Pretoria High Court ruling that “cryptocurrencies are not currency,” a decision that temporarily exempted crypto assets from South Africa’s foreign exchange controls. The South African Reserve Bank has appealed this ruling and is concurrently developing a new framework for cross-border crypto asset transactions. Previously, South African regulators restricted users from purchasing overseas cryptocurrencies using payment cards and warned that unauthorized cross-border transfers of crypto assets may constitute a criminal offense.
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